| | | | | | | | City of Davenport Agenda Group:
Department: Finance Committee
Contact Info: Brandon Wright 326-7750
Wards: All | Action / Date
1/4/2017 |
Subject:
Resolution making provisions for the issuance of not-to-exceed $16,000,000 General Obligation Refunding Bonds, Series 2017C. [All Wards] |
|
| | | | | | | | Recommendation:
Adopt the resolution. |
|
| | | | | | | | Relationship to Goals:
Financially Responsible City Government. |
|
| | | | | | | | Background:
Public Financial Management, Inc. (PFM), the City's financial advisor, continually reviews prior City of Davenport bond issues and the current market for refunding opportunities. An analysis of the Series 2010D General Obligation Corporate Bonds indicates such an opportunity. Based on the current market, issuance of refunding bonds would provide total savings of $604,525 and present value savings of $546,329. The bond sale will be held on February 8, 2017 if the market remains favorable. If the market does not remain favorable, the sale of these bonds would be cancelled. A public hearing is required prior to the sale of all bonds; that public hearing is on this Council cycle for January 4, 2017. |
|
|