HomeMy WebLinkAbout11, Adopt Resolution 2015-16 for Signatory Authority for the COP Refinancing Documents
Consent August 19, 2015 Refinancing DocumentsSignatory Authority for the COP 16 for -Adopt Resolution 2015
Adopt Resolution 2015 2$2.3 million total savings over the term of the bonds–Annual average savings of $109,000–2006 COP closed successfully on August 5, 2015The financing of the District’s
2015 Bonds to refinance the •Background / History for the COP Refinancing Documents16 for Signatory Authority -
New Information for the COP Refinancing Documents16 for Signatory Authority -Adopt Resolution 2015 3 the 2006 COP reserveThe cost of the surety bond was paid for from a portion of •FundBonds,
a surety bond was purchased in lieu of a Reserve In order to realize lower debt service costs on the 2015 •requirement is required for that positionto refunding restrictions and an
amount equal to the reserve A portion of the 2006 COP was not able to be refunded due •refunding portion of the bondA reserve fund requirement was not required for the •
Fiscal Impact for the COP Refinancing Documents16 for Signatory Authority -Adopt Resolution 2015 4 transaction therefore there is no additional fiscal impactThe cost of the surety policy
was paid for with the •
Recommendation for the COP Refinancing Documents16 for Signatory Authority -Adopt Resolution 2015 5 Participation Series 2006 agreement for the refunding revenue Certificates of supplemental
indenture and first supplemental purchase 16 ratifying the execution of the first -Adopt Resolution 2015•