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Discussion Issues: <br />Principal payments maturing in 2008 through 2018 are structured to maintain <br />a level tax levy in the amount of approximately $210,000 per year for Option <br />1 or $285,000 per year for Option 2. <br />The first interest payment on the Bonds will be August 1, 2007, and <br />semiannually thereafter on February 1 and August 1. The projected debt <br />service and flow of funds are attached to this Report. <br />A portion of the bond proceeds is set aside as capitalized interest to <br />provide funds to pay the first interest payment on August 1, 2007 before <br />the assessments and tax levies are collected, beginning on July 1, 2008. <br />However, it is anticipated that the February 1, 2008 principal and interest <br />payment will come from prepaid assessments. <br />We have reviewed all outstanding indebtedness for the City and find that <br />there are no immediate refunding opportunities for the City at this time. <br />We will continue to monitor the market and the call dates for the City and <br />alert you to any future opportunities. <br />Bank Qualified: The City will designate the Bonds as "bank qualified ", which will allow <br />banks to buy the Bonds at slightly lower interest rates.. <br />Schedule: <br />Pre -Sale Review: February 14, 2007 <br />Distribute Official Statement: Week of February 12 <br />Conference with Rating Agency: Week of February 19 <br />Bond Sale: February 28, 2007 <br />Estimated Closing Date: March <br />Attachments: <br />Sources and Uses of Funds <br />Proposed Debt Service Schedule <br />Bond Buyer Index <br />Resolution Authorizing Ehlers to Proceed with Bond Sale <br />2- <br />Prepared by Ehlers & Associates, Inc. <br />