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Consider Pension Debt Refinancing and Policy <br />February 2, 2021 <br />Page 8 <br />Proposed <br />Contract for Bond <br />Counsel Services <br />February 16, <br />2021 <br />Proposed <br />Resolution <br />necessary to <br />begin the Court <br />Validation <br />Process <br />March 16, 2021 <br />RFP and <br />Proposed <br />Contract for <br />Underwriting <br />Services <br />concurrent with <br />Court Validation <br />Process <br />By September <br />2021 <br />Proposed Bond <br />Indenture, Bond <br />Purchase <br />Agreement, and City sells Bonds <br />Preliminary November 2021 <br />Official <br />Statement <br />October 2021 <br />If the City obtains its court validation in less than six (6) months, the City could sell its <br />bonds sooner than November 2021. <br />FISCAL IMPACT <br />Based on current market conditions, the City could save $3.8 million annually by <br />refinancing 90% of the pension debt. If the City Council directs staff to proceed with <br />refinancing the pension debt, staff and the City's Financial Advisor will provide updated <br />savings estimates with each future staff report. <br />EXHIBIT(S) <br />1. Memorandum dated December 10, 2020 from Michael Busch, CEO of Urban Futures <br />Inc. to Kathryn Downs (the Feasibility Analysis from City's Financial Advisor) <br />2. Proposed Unfunded Employee Pension Liability Cost Reduction Policy <br />Submitted By: <br />Kathryn Downs, Executive Director Finance and Management Services <br />Approved By: Kristine Ridge, City Manager <br />