ANKENY CITY COUNCIL

Regular Agenda

March 20, 2017
5 : 30 PM
Gary Lorenz, Mayor
Mark Holm, Mayor Pro tem
Council Members: Bobbi Bentz, Jim McKenna, Wade Steenhoek, Kerry Walter-Ashby
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ORIGINATING DEPARTMENT: COUNCIL GOAL:
City Manager High Performing City Organization: Financially Sound, Providing Service Value
ACTION REQUESTED:
Resolution
LEGAL:
Item Reviewed by Legal Counsel
SUBJECT:

Redemption of Outstanding Sewer Revenue Bonds, Series 2010E
EXECUTIVE SUMMARY:

The Sewer Revenue Bonds, Series 2010E are callable in the amount of $2,245,000 on May 1, 2017.  The cash flow analysis showed that it was in the utility's best interest to use cash on hand to pay off the bonds versus refinancing, having a positive impact on coverage calculations as well as rate implications.
FISCAL IMPACT: Yes
CITY MANAGER'S RECOMMENDATIONS:
PREVIOUS COUNCIL/COMMISSION/BOARD ACTION(S):
PUBLIC OUTREACH EFFORTS:
ACTION REQUESTED:

Action: Consider motion to adopt RESOLUTION authorizing the redemption of outstanding Sewer Revenue Bonds, Series 2010E, of the City of Ankeny, State of Iowa, dated December 15, 2010, and directing notice be given.
ADDITIONAL INFORMATION:
ATTACHMENTS:
Click to download
Resolution - Sewer Revenue Bonds