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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br /> PROJECT TITLE: p_ <br /> An Ordinance providing for the 9/24/14 Briefing COUNCIL BILL# CEs 1-1-CP" qi <br /> issuance and sale of limited tax Proposed Action Originating Department Finance <br /> general obligation refund Consent Contact Person Susy Haugen <br /> bonds of the City in the Action Phone Number X8612 <br /> principal amount of not to 9/24/14 First Reading FOR AGENDA OF 9/24/14 <br /> exceed$36,500,000 to provide 10/1/14 Second Reading <br /> funds to refund certain 10/8/14 Third Reading <br /> outstanding bonds Public Hearing <br /> Budget Advisory Initialed by: <br /> Department Head \ <br /> CAA d b <br /> Council President (?)pc"\ <br /> `.s <br /> Location Preceding Action Attachments Department(s)Approval <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: <br /> This Ordinance authorizes the sale of up to $36,500,000 of floating rate bonds to refinance the City's and the <br /> Everett Public Facility District's outstanding variable rate demand bonds(VRDBs). The letters of credit <br /> supporting the existing VRDBs are expiring in November and December of this year. In order to test the <br /> market,the City's financial advisor conducted an RFP for financing options. After review and analysis, it <br /> was determined that the floating rate bond proposal from JP Morgan Chase provided the best value in the <br /> five-year structure. <br /> Pricing is scheduled for October 22 and final redemption of the outstanding VRDBs on November 3,2014 <br /> RECOMMENDATION: Adopt the Ordinance providing for the issuance and sale of limited tax general <br /> obligation refund bonds of the City in the principal amount of not to exceed $36,500,000 to provide funds to <br /> refund certain outstanding bonds <br />