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
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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 Capital Loan Notes, Series 2010B
EXECUTIVE SUMMARY:
The Sewer Revenue Capital Loan Notes, Series 2010B are callable in the amount of $579,000 on May 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 bonds, 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 Capital Loan Notes, Series 2010B, of the City of Ankeny, State of Iowa, dated February 3, 2010, and directing notice be given. 
ADDITIONAL INFORMATION:
ATTACHMENTS:
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Resolution