CITY of RAPID CITY Agenda Item Summary
Meeting Date: 06/12/2013		Commission, Board or Committee: Legal & Finance Committee
Staff Contact: Pauline Sumption/Tracy Heitsch		PW Committee or L&F Committee: 6/12/2013
Petitioner: N/A		City Council 1st Reading: 06/17/2013
Location: Click here to enter text.		City Council 2nd Reading: Click here to enter date.
Agenda Title:
Approve Resolution 2013-060 A Resolution Authorizing the Issuance of Gross Receipts Tax Refunding Bonds, Series 2013, of the City; Pledging the Revenues of the Gross Receipts Tax of the City to the Payment of said Bonds; Authorizing Officers of the City to Approve, Execute and Deliver Certain Agreements and Documents Relating to the Bonds
Summary:
The City has an opportunity to refinance the Series 2008 Gross Receipts Bond for a lesser interest rate, which would in turn save money for the Rushmore Plaza Civic Center
Funding Source & Fiscal Impact (if applicable):
Gross Receipts Tax/Rushmore Plaza Civic Center – refinancing would save the City approximately $257k over the life of the bond
Recommendation:
Action: Approve Notes: Click here to enter text.
Options:
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Attachments & Links:
Resolution 2013-060	Refunding Analysis		1^st Supplement Indenture
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