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Submittal Date: <br />10-15-12 <br />Council Date: <br />10-22-12 <br />CITY COUNCIL AGENDA ITEM BRIEFING SHEET <br />Originating Department: I Presented By: <br />Finance <br />Gene Anderson <br />Agenda Item No.: <br />15. <br />RECOMMENDED MOTION: <br />Move to adopt an ordinance authorizing the issuance and sale of the City of Paris General <br />Obligation Refunding Bonds, Series 2012, appointing authorized representatives and <br />establishing parameters with respect thereto, and approving all other matters incident <br />thereto. <br />POLICY ISSUE�S�: <br />Fiscal Management <br />BACKGROUND: <br />Due to the current financial marketplace, the City of Paris can refund its Combination Tax <br />& Revenue Certificates of Obligation, Series 2002 and its General Obligation Refunding <br />Bonds, Series 2003 for savings without extending the maturity date of the original bonds. It <br />is estimated that gross savings will be $582,380 with net present value savings of $554,125. <br />This amounts to savings of approxirriately 12.00% of the current payment schedule. <br />The ordinance authorizes the refunding of the original certificates and bonds, authorizes the <br />city staff to sign related documents, establishes the parameters of the issue, authorizes use of <br />an escrow agreement and paying agent/registrar agreement, engages bond counsel, pledges <br />funds for the payment of the bonds, and authorizes other technical procedures. <br />BOARD�COMMISSION RECOMMENDATION: <br />N/A <br />EXHIBITS: <br />Ordinance <br />ACTION: <br />� Financial Report <br />❑ Department Report <br />❑ Presentation <br />❑ Public Hearing <br />FISCAL NOTES: <br />City of Paris <br />❑ Minute Order <br />❑ Resolution <br />� Ordinance <br />❑ Other <br />BUDGET INFO: <br />Budgeted Amt. <br />YTD Actual <br />Acct. Name <br />Acct. Number <br />5 �s <br />$ <br />$ <br />$ <br />Revised 6/20/12 <br />