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I • EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET 8 <br /> • <br /> PROJECT TITLE: - 1 <br /> An Ordinance Providing for the Consent COUNCIL BILL# <br /> Issuance and Sale of Limited Tax Action Originating Department inance <br /> General Obligation Refunding 8/22/12 First Reading Contact Person Susy Haugen <br /> Bonds in the Principal Amount 8/29/12 Second Reading Phone Number 425-257-8612 <br /> of not to exceed$15,000,900 to 9/5/12 Third Reading FOR AGENDA OF 8/22/12 <br /> provide Funds to Refund Certain Public Hearing <br /> Outstanding General Obligation Initialed by: <br /> • Bonds of the City Department Head <br /> CAA <br /> Council President <br /> Location Preceding Action Attachments Department(s)Approval <br /> Ordinance <br /> • <br /> Amount Budgeted <br /> Expenditure Required Account Number(s): <br /> ' Budget Remaining <br /> Additional Required <br /> DETAILED SUMMARY STATEMENT: <br /> Due to current market conditions,the City has an opportunity to realize substantial debt service savings <br /> through refinancing the currently outstanding 2003 Limited Tax General Obligation(LTGO)Bonds. The <br /> 2003 bonds remaining were originally issued to finance the construction of the Edward D.Hansen <br /> Conference Center, and to pay for exterior enhancements and upgrades to kitchen facility at the Events <br /> Center. Subject to changes in market conditions on the date of sale,the City expects to achieve a net present <br /> value savings of approximately$2.79 million over the life of the debt as a result of this transaction. <br /> RECOMMENDATION(Exact action requested of Council): <br /> Adopt Ordinance providing for the issuance and sale of limited tax general obligation refunding bonds in the <br /> principal amount of not to exceed$15,000,000 to provide funds to refund certain outstanding general <br /> obligation bonds of the City. <br /> 21 <br />