Title
MOTION TO ADOPT PROPOSED RESOLUTION NO. 2019-R-40.
PROPOSED RESOLUTION 2019-R-40 IS A RESOLUTION AMENDING AND SUPPLEMENTING RESOLUTION NO. 3412 AS AMENDED BY RESOLUTION NO. 3603, 3631 AND 3654 TO PROVIDE FOR AN EXTENSION OF THE INITIAL BANK RATE PURCHASE DATE; AUTHORIZING OTHER REQUIRED ACTIONS; AND PROVIDING FOR SEVERABILITY AND AN EFFECTIVE DATE.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. On May 21, 2014, the City reissued the Charter School Revenue Bonds, Series 2008 as a direct purchase commitment with PNC Bank, National Association (PNC Bank) for a 4 year term expiring on July 1, 2018. The Series 2008 Bonds currently have an outstanding balance of $62,295,000, with a final maturity of July 1, 2038.
2. On June 20, 2018, the City has extended the initial bank rate purchase date to December 31, 2018 by Resolution No 3603.
3. On December 18, 2018, the City has extended the initial bank rate purchase date to July 1st, 2019 by Resolution No 3631.
4. On June 19, 2019, the City has extended the initial bank rate purchase date to September 30, 2019 by Resolution No 3654.
5. Whereas the Financial Advisor is further recommending that the City extend the bank rate purchase date to November 29, 2019 to allow additional time for the completion of certain documents and other items related to the re-issue of the Series 2008 bonds.
6. PNC Bank, holder of the bonds has given their consent to the extension to November 29, 2019.
7. Recommend adopting Proposed Resolution 2019-R-40.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: None.
b) Amount budgeted for this item in Account No: Not Applicable.
c) Source of funding for difference, if not fully budgeted: Not Applicable.
d) 5 year projection of the operational cost of the proje...
Click here for full text