Title
Resolution Approving the Refunding of Building Authority Bonds, Series 1998 (Roll Call Vote Required)
Memorandum
Recommended for Council is a Resolution approving the issuance by the City of Ann Arbor Building Authority of its 2009 Building Authority Refunding Bonds (Limited Tax General Obligation) (“Refunding Bonds”), for the purpose of refinancing $3,560,000 of the aggregate outstanding principal amount of prior Building Authority Bonds (Limited Tax General Obligation), Series 1998.
The City’s municipal financial advisors have calculated that based on current interest rates, and after factoring in bond issuance costs, the refunding will yield net present value debt service savings of more than $150,000 over the next 8 years. The Authority proposes to sell the Refunding Bonds by competitive sale.
The Resolution approves the refinancing, the form of Refunding Contract between the City and the Building Authority, and the execution of related documentation by the Mayor, City Clerk, City Administrator, Chief Financial Officer and Treasurer.
The City’s bond counsel, Dykema Gossett, prepared the resolution, with further review by the City Attorney.
Staff
Prepared by: Tom Crawford, Chief Financial Officer
Reviewed by: Mary Joan Fales, Senior Assistant City Attorney
Body
CITY OF ANN ARBOR
COUNTY OF WASHTENAW, STATE OF MICHIGAN
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RESOLUTION APPROVING REFUNDING OF CITY OF ANN ARBOR
BUILDING AUTHORITY AND BUILDING AUTHORITY REFUNDING BONDS,
SERIES 1998
Minutes of a regular meeting of the City Council of the City of Ann Arbor (the “City”), County of Washtenaw, State of Michigan held in the City Hall on the 20th day of April, 2009, at 7:00 o’clock p.m. Eastern Standard Time.
PRESENT: Councilmembers Smith, Briere, Derezinski, Rapundalo, Greden, Taylor, Teall, Higgins, Hohnke, Anglin and Mayor Hieftje, 11;
ABSENT:|9 10|The following preamble and resolution were offered by Councilmember Higgins and supported by Councilmember Te...
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