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City of Albuquerque
File #: EC-20-19   
Type: Executive Communication Status: Filed
File created: 2/3/2020 In control: City Council
Final action: 3/2/2020
Enactment date: Enactment #:
Title: Report of Bond Sale Results for $33,830,000 Gross Receipts Tax/Lodger's Tax (GRT/LT) Refunding and Improvement Revenue Bonds, Series 2019A & $8,745,000 Gross Receipts Tax (GRT) Refunding Revenue Bonds, Series 2019B
Attachments: 1. EC-19
Date Action ByActionResultAction Details
3/2/2020 City Council Receipt Be NotedPass Action details
2/19/2020 City Council Accepted with a recommendation Receipt Be Noted  Action details
2/10/2020 Finance & Government Operations Committee Sent to Council with a recommendation of Receipt Be NotedPass Action details
2/3/2020 City Council Received and Referred  Action details
2/3/2020 President Referred  Action details

 

 

INTER-OFFICE MEMORANDUM                                          December 16, 2019

 

TO:                                          Klarissa J. Peña, President - City Council

 

FROM:                     Tim Keller, Mayor

 

SUBJECT:

title

Report of Bond Sale Results for $33,830,000 Gross Receipts Tax/Lodger’s Tax (GRT/LT) Refunding and Improvement Revenue Bonds, Series 2019A & $8,745,000 Gross Receipts Tax (GRT) Refunding Revenue Bonds, Series 2019B

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This memo is to report the results of the City’s GRT/LT and GRT Bonds, Series 2019 A & B. The bond sale was approved by Council (Ordinance No. F/S O-19-77, Enactment No. O-2019-029) on October 7, 2019.

 

On Wednesday, October 16, 2019, the City issued two (2) series of bonds in the primary market. The interest rates and present value debt service savings were as follows: (1) GRT/LT Refunding and Improvement Bonds, Series 2019A received a true-interest cost of 2.609% with debt service present value savings of $700,474 or 8.805% percent savings of refunded bonds and (2) GRT Refunding Bonds, Series 2019B received a true-interest cost of 1.500% with debt service present value savings of $288,255 or 3.255% percentage savings of refunded bonds. A bond pricing book is attached for your review.

 

This Executive Communication is forwarded to the Council for its consideration and action.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Executive Communication (EC) - $33,830,000 Gross Receipts Tax/Lodger’s Tax (GRT/LT) Refunding and Improvement Revenue Bonds, Series 2019A & $8,745,000 Gross Receipts Tax (GRT) Refunding Revenue Bonds, Series 2019B                                          

 

Approved:                                                                                                            Approved as to Legal Form:

 

______________________________                        _______________________________

Sarita Nair                                                                         Date                                            Esteban A. Aguilar Jr.                                          Date

Chief Administrative Officer                                                                 City Attorney

 

 

 

 

Recommended:                                                                                    Recommended:

 

 

 

______________________________                     _________________________________

Sanjay M. Bhakta                                          Date                                           Lawrence Rael                                          Date

Chief Financial Officer                                                               Chief Operating Officer