INTER-OFFICE MEMORANDUM December 16, 2019
TO: Klarissa J. Peña, President - City Council
FROM: Tim Keller, Mayor
SUBJECT:
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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