ANKENY CITY COUNCIL

Regular Agenda

March 19, 2018
5 : 30 PM
Gary Lorenz, Mayor
Mark Holm, Mayor Pro tem
Council Members: Bobbi Bentz, Jim McKenna, Kelly Whiting, Kerry Walter-Ashby
Print
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 General Obligation Capital Loan Notes, Series 2009
EXECUTIVE SUMMARY:
The General Obligation Capital Loan Notes, Series 2009 are callable in the amount of $1,786,000 on June 1, 2018.  The sewer cash flow presented during the January 29, 2018 budget workshop showed that it was in the utility's best interest to use cash on hand to pay off the capital loan notes, 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 General Obligation Loan Notes, Series 2009, of the City of Ankeny, State of Iowa, dated April 8, 2009, and directing notice be given. 
ADDITIONAL INFORMATION:
ATTACHMENTS:
Click to download
Resolution