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Meeting Date: February 12, 2014
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Commission, Board
or Committee: NA
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Staff Contact: Pauline Sumption
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L&F Committee: 2/12/14
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Petitioner: Click here to enter text.
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City Council Hearing: 2/18/14
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Location: Click here to enter text.
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City Council 2nd
Reading: Click here to enter date.
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Agenda Title:
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Resolution No.
2014-020 – Resolution Amending Resolution No. 2013-060
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Summary:
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In 2013, the Council
authorized the refinancing of the Gross Receipts Bond, Series 2008 to lower
the interest rate and save the Rushmore Plaza Civic Center money over the
life of the bond. Since that authorization, interest rates have been on the
rise. This resolution updates the maximum interest rate that can be charged
at 3.10%. The original bond had an average bond interest rate of 4.217%,
saving the RPCC over $300k.
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Funding Source
& Fiscal Impact (if applicable):
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Civic Center is
already funding this bond
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Recommendation:
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Action: Approve
Notes: Click here to enter text.
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Options:
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Attachments &
Links:
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Resolution No.
2014-020
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Pay Schedule/Debt
Service Comparison
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Amended Resolution No.
2014-020
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Red-line Version of
Amended 2014-020
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