10 - Refunding for Savings Tax & Revenue COs Series 2010Item No. 10
Memorandum
TO: Mayor & City Council
Grayson Path, City Manager
FROM: Gene Anderson, Finance Director
SUBJECT: REFUNDING FOR SAVINGS TAX & REVENUE COs SERIES 2010
DATE: September 14, 2020
BACKGROUND: In 2010, the City of Paris issued $3,005,000 in certificates of obligation (COs)
for improving and expanding South Collegiate Drive and making improvements to the frontage
access for South Collegiate Drive. The COs can be redeemed after ten years (December 15, 2020).
STATUS OF ISSUE: Samco Capital serves as the City's financial advisor on debt issues. They
will be making a presentation regarding the opportunity to refund these COs at a lower interest
rate for estimated financial savings in the amount of $172,953. This refunding would not extend
the maturity date on the 2010 CO issue.
BUDGET: Annual debt savings would amount to approximately $17,295 during the ten year life
of this debt issue.
OPTIONS: 1. Don't refund the 2010 COs.
2. Authorize City staff to proceed with the refunding process.
3. Ask for additional information or postpone the decision until a later date.
RECOMMENDATION: Authorize City staff to proceed with the refunding process. This matter
will come back to the City Council for a final decision on the refunding.
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