Agenda Text
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Requesting authorization to issue refunding bonds in order to reduce interest costs.
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Official Text
To the Honorable Board:
I hereby request, subject to the approval of your Honorable Board, an authorization for the City Treasurer, with the approval of the Mayor to issue refunding bonds in order to reduce interest costs associated with any and all bonds of the City outstanding upon the date of approval of this Order specifically including the following bonds:
August 2006 - $2,945,000
February 2009 - $1,285,000
February 2010 - $2,015,000
June 2010 - $3,605,000
The maturity of the bonds will remain the same and the project interest costs and budgetary savings over the remaining years will be approximately $998,000.
My staff will be available to answer any questions you may have. Thank you for your consideration of this matter.
Respectfully,
Joseph A. Curtatone, Mayor