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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br /> Ll- <br /> PROJECT TITLE: / <br /> Ordinance authorizing the 10/19/16 Briefing COUNCIL BILL# CR I fo(0-x-3 <br /> issuance of Water and Sewer Proposed Action Originating Department Finance/PW <br /> Revenue bonds in the principal Consent Contact Person Susy Haugen <br /> amount of not to exceed Matt Welborn <br /> $82,500,000 for the purpose of Action Phone Number X8612/X8974 <br /> refunding certain outstanding 10/19/16 First Reading FOR AGENDA OF 10/19/16 <br /> revenue bonds of the City. 10/26/16 Second Reading <br /> F1/2/16 Third Reading <br /> Public Hearing <br /> Budget Advisory Initialed by: <br /> Department Head <br /> CAA <br /> Council President <br /> Location Preceding Action Attachments Department(s) Approval <br /> Ordinance <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: <br /> The proposed bond issue will refinance the outstanding 2009 and 2011 Water& Sewer Bonds. The purpose <br /> of this refinance is to obtain savings through lower financing costs. The estimated present value of savings is <br /> $7.4 million, which is in excess of 10%. The actual savings will be determined through competitive sale on <br /> the bond sale date. This transaction will not impact the rate forecast. <br /> RECOMMENDATION (Exact action requested of Council): <br /> Adopt Ordinance authorizing the issuance of Water and Sewer Revenue bonds in the principal amount of not <br /> to exceed$82,500,000 for the purpose of refunding certain outstanding revenue bonds of the City <br /> 1 <br />