City of Racine - File #: 981-17

• File #: 981-17
• Version: A
• Name: (Direct Referral) Communication form the Finance Director requesting to have Bradley Viegut from Robert W. Baird & Co., appear before the Finance an Personnel Committee at their next scheduled meeting on Monday, October 9, 2017 to discuss refunding the C
• Type: Communication
• Status: Passed
• File created: 10/2/2017
• In control: Finance and Personnel Committee
• Final action: 10/16/2017
• Title: Subject: Communication from the Finance Director requesting to have Bradley Viegut from Robert W. Baird & Co., appear before the Finance and Personnel Committee at their next scheduled meeting on Monday, October 9, 2017 to discuss refunding the City's Note Anticipation Note and other prior debt issues. (Res. 0354-17) Recommendation of the Finance & Personnel Committee on 10/09/2017: To approve the refunding of the City’s $11,800,000 2017 Note Anticipation Notes with General Obligation Refunding Bonds maturing annually in 2018-2031. Additionally, refund portions of the City’s 2008 and 2011 General Obligation Refunding Bonds contingent on a minimum 2.0% present value savings at time of sale. Fiscal Note: $11.8M NAN’s to be refunded with an estimated $11.165M G.O. Refunding Bonds, TIC = 2.67%. $8.515M of 2008 and 2011 G.O. refunding Bonds to be refinanced at an estimated TIC = 2.09% and present value savings of $206,855 or 2.362%. Final dollar value, TIC and present values will be dete...
• Related files: Res.0354-17

Date	Ver.	Action By	Action	Result
10/16/2017	A	Common Council	Approved as Presented	Pass
10/9/2017	A	Finance and Personnel Committee	Recommended For Approval	Pass
10/3/2017	A	Common Council	Referred	Pass

Title

Subject: Communication from the Finance Director requesting to have Bradley Viegut from Robert W. Baird & Co., appear before the Finance and Personnel Committee at their next scheduled meeting on Monday, October 9, 2017 to discuss refunding the City's Note Anticipation Note and other prior debt issues. (Res. 0354-17)

Recommendation of the Finance & Personnel Committee on 10/09/2017: To approve the refunding of the City’s $11,800,000 2017 Note Anticipation Notes with General Obligation Refunding Bonds maturing annually in 2018-2031. Additionally, refund portions of the City’s 2008 and 2011 General Obligation Refunding Bonds contingent on a minimum 2.0% present value savings at time of sale.

Fiscal Note:  $11.8M NAN’s to be refunded with an estimated $11.165M G.O. Refunding Bonds, TIC = 2.67%. $8.515M of 2008 and 2011 G.O. refunding Bonds to be refinanced at an estimated TIC = 2.09% and present value savings of $206,855 or 2.362%. Final dollar value, TIC and present values will be determined by market conditions on date of sale and will be reported out with adoption of Final Award Resolution on Tuesday, November 7, 2017.