Sponsor
Alderman Friedel
Title
Refunding 2007 Capital Project Note Anticipation Notes
Resolved, that the 2007 Capital Project Note Anticipation Notes and the callable portions of 1993 TID # 7 and 1993 TID #8 General Obligation Bonds be refunded.
Fiscal Note: 2007 Capital project Note Anticipation Notes will be refunded in an amount of approximately $7,640,000 to be paid off over a 15 year period. The 1993 callable portions of the 1993 TID #7 and TID #8 General Obligation Bonds will be refunded at a lower interest rate but will be paid off over the same remaining life as the original bonds. Net present value savings of approximately $250,000 will be realized by this refunding. Final bonding resolutions will be acted upon at the October 16, 2007 Common Council meeting. Final debt amounts will be determined by market conditions and total issuance costs.