Item Coversheet
City of Independence
AGENDA ITEM COVER SHEET
BILL NO. 21-703Res.No:          6632
Agenda Title:

21-703 - Resolution Authorizing the Escrow of Funds Sufficient to Defease and Redeem Certain Outstanding Bonds and Authorizing Certain Other Actions in Connection Therewith. (Series 2010B Bonds)
Recommendations:

Authorize Resolution authorizing the defeasement of Series 2010B Bonds utilizing Electric Utility Funds on hand. 
Background:

The City issued $33.6 million in bonds in November of 2010 and currently, $10.6 million of these bonds (the outstanding par amount) can be called from investors. The City can refund these bonds by utilizing City excess funds.

 

At the December 14, 2020 City Council meeting, PFM, the City's Utility Municipal Advisor, presented the results of a Resiliency and Cash Balance study performed for the City's Electric Utility Funds. The Study conclusion was the City's unrestricted cash level exceeds the recommended target by $15.8 Million.  


Fiscal Impact:

The fiscal impact to the City for defeasing the outstanding Series 2010B bonds would be an interest savings of $4,554,704. 
Department:          Finance and Administration - LegalContact Person:          Bryan Kidney

REVIEWERS:
DepartmentAction
Finance DepartmentApproved
City Clerk DepartmentApproved
Finance DepartmentApproved
City Managers OfficeApproved
City Clerk DepartmentApproved
Council Action:          Council Action:         
ATTACHMENTS:
DescriptionType
ResolutionResolution