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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br />PROJECT TITLE: <br />An Ordinance Authorizing the <br />Issuance and Sale of Water and <br />Sewer Revenue Refunding Bonds <br />in the Principal Amount of Not to <br />Exceed $72,000,000 for the <br />Purpose of Refunding Certain <br />Outstanding Revenue Bonds of <br />the City <br />Consent <br />Action <br />01/09/13 First Reading <br />Second <br />01/16/13 Reading <br />01/23/13 Third Reading <br />Public Hearing <br />COUNCIL BILL 4 <br />Originating Department <br />Contact Person <br />Phone Number <br />Finance <br />Susy Haugen <br />425-257-8612 <br />FOR AGENDA OF 01/09/13 <br />Initialed by: <br />Department Head <br />CAA <br />Council President <br />Location Preceding Action Attachments Department(s)- puroval <br />Ordinance <br />Amount Budgeted <br />Expenditure Required <br />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 $3.3 million, or 10.4%, over the life of the debt as a <br />result 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 />