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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET 3 <br /> PROJECT TITLE: C?4 ) <br /> � DAn Ordinance Authorizing the Consent COUNCIL BILL# I, <br /> 1 <br /> Issuance and Sale of Water and Action Originating Department Finance <br /> Sewer Revenue Refunding Bonds 01/09/13 First Reading Contact Person Susy Haugen <br /> in the Principal Amount of Not to Second Phone Number 425-257-8612 <br /> Exceed$72,000,000 for the 01/16/13 Reading <br /> Purpose of Refunding Certain 01/23/13 Third Reading FOR AGENDA OF 01/09/13 <br /> Outstanding Revenue Bonds of Public Hearing <br /> the City Initialed by: <br /> Department Head <br /> CAA <br /> 4E).1 <br /> Council President <br /> Location Preceding Action Attachments Department(s)Approval <br /> Ordinance <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 Water and Sewer Revenue Bonds and 2005 Water and <br /> Sewer Revenue Bonds. Subject to changes in market conditions on the date of sale,the City expects to <br /> achieve a net present value savings of approximately$7.9 million,or 12%, over the life of the debt as a result <br /> of this transaction. <br /> RECOMMENDATION(Exact action requested of Council): <br /> Adopt Ordinance providing for the issuance and sale of water and sewer revenue refunding bonds in the <br /> principal amount of not to exceed$72,000,000 to provide funds to refund certain outstanding water and <br /> sewer revenue refunding bonds of the City. <br /> 5 • <br />