Laserfiche WebLink
CITY COUNCIL AGENDA ITEM BRIEFING SHEET <br />Submittal Date: <br />Originating Department: <br />Presented By: <br />Agenda Item No.: <br />03/11/10 <br />Council Date: <br />Finance <br />Gene Anderson <br />14. <br />03/22/10 <br />RECOMMENDED MOTION: <br />Move to approve a resolution affirming the action of the Paris .Economic Development Corporation Board of <br />Directors to refund the existing PEDC sales tax revenue bonds. <br />POLICY ISSUE(S): <br />Fiscal Management <br />BACKGROUND: <br />Paris Economic Development Corporation issued $4,200,000 in taxable sales tax revenue bonds in <br />November 1998 and $2,560,000 of that issue is still outstanding. Due to changes in market rates, PEDC <br />wishes to refund those bonds for savings without extending the debt period. The current bonds pay off <br />on September 1, 2018. This action mimics the City Council's refunding of most of the City's <br />outstanding debt in February 2010. The exact amount of the savings will be $272,306.98 ($237,738.65 <br />present value) and the issue amount will be $2,685,000. <br />BOARD/COMMISSION RECOMMENDATION: <br />PEDC Board of Directors unanimously approved the refunding issue at its February 9, 2010, meeting. <br />EXHIBITS: <br />Council resolution; PEDC resolution <br />ACTION: <br />BUDGET INFO: <br />❑ Financial Report ❑ Minute Order <br />Expense <br />$NA <br />❑ Department Report ~ Resolution <br />Budgeted Amt. <br />$NA <br />❑ Presentation ❑ Ordinance <br />y'I'D Actual <br />$NA <br />❑ Public Hearing ❑ Other <br />Acct. Name <br />NA <br />Acct. Number <br />NA <br />FISCAL NOTES: <br />None <br />REVIEWED AND APPROVED BY: <br />Z Administration Z City Clerk ❑ Community Development ❑ EMS/IT Z Finance ❑ Fire <br />❑ Municipal Court Z Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Utilities <br />City of Paris <br />Revised 2/04/08 <br />v-, 000106 <br />