File #: ID 2016-309    Version: 1 Name:
Type: Ordinance - 2nd Reading Status: Agenda Ready
File created: 5/5/2016 In control: Regular City Commission Meeting
On agenda: 5/18/2016 Final action:
Title: AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $25,000,000 OF THE CITY OF MARGATE, FLORIDA GENERAL OBLIGATION REFUNDING BONDS, SERIES 2016 FOR THE PURPOSE OF REFUNDING A PORTION OF THE ISSUER'S GENERAL OBLIGATION BONDS, SERIES 2007.
Attachments: 1. ORDINANCE, 2. BACKGROUND INFORMATION

 

TO:                     Mayor and City Commission

 

FROM:                     Douglas E. Smith, City Manager

 

DATE:                     May 18, 2016

 

 

Title

AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $25,000,000 OF THE CITY OF MARGATE, FLORIDA GENERAL OBLIGATION REFUNDING BONDS, SERIES 2016 FOR THE PURPOSE OF REFUNDING A PORTION OF THE ISSUER’S GENERAL OBLIGATION BONDS, SERIES 2007.

Body

 

 

BACKGROUND:                     The City wishes to refund the General Obligation Bonds, Series 2007, to take advantage of lower interest rates. The bond refunding present value savings may range from $3 million to $3.6 million depending on the interest rates on the date of closing. 

 

 

RECOMMENDATION:                     For approval. Approved on First Reading at the May 4, 2016, Regular City Commission meeting.

 

 

FISCAL IMPACT:                     Present value savings may range from $3 million to $3.6 million.

 

 

CONTACT PERSON:                     Mary Beazley, Finance Director