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.
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