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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 11/12/2014 |
Commission, Board or Committee: Legal & Finance Committee |
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Staff Contact: Pauline Sumption |
PW Committee or L&F Committee: 11/12/2014 |
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Petitioner: N/A |
City Council 1st Reading: 11/17/2014 |
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Location: |
City Council 2nd Reading: 12/01/2014 |
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Agenda Title: |
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Ordinance 6020 AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF PARKING REVENUE REFUNDING BONDS AND PLEDGING CERTAIN REVENUES 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 |
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Summary: |
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The City has an opportunity to refinance the Series 2008 Parking Revenue Bonds for a lesser interest rate, which would in turn save money for the PL&A Fund. It would also lower the coverage covenant from 125% coverage to 120% coverage. |
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Funding Source & Fiscal Impact (if applicable): |
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Parking Lot & Area Fund – refinancing would save the City approximately $264k over the life of the bond |
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Recommendation: |
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Action: Approve Notes: |
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Options: |
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Attachments & Links: |
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