Title
An Ordinance Authorizing the Issuance of General Obligation Refunding Bonds (Ordinance S-48317)
Description
An ordinance authorizing the issuance of one or more series of general obligation refunding bonds of the City of Phoenix providing for the sale of refunding bonds; providing for the application of the proceeds of refunding bonds; providing for the registration, transfer and payment thereof; authorizing the execution of certain agreements in connection therewith or in lieu thereof; ratifying and confirming certain actions in connection with the sale of said refunding bonds; directing the refunding and redemption of certain general obligation bonds of the City of Phoenix; and making other provisions in connection with the foregoing.
Report
Summary
This ordinance authorizes the refunding of certain outstanding general obligation bonds to take advantage of the City’s high quality credit ratings, low interest rates and to provide debt service savings to benefit the rate payers by offsetting costs.
Refunding opportunities currently exist that are expected to save an estimated $16 million over the next 10 years.
Financial Impact
The City will levy secondary property taxes for the repayment of the obligations. Any refunding bonds issued as a result of this ordinance will produce savings.
Department
Responsible Department
This item is submitted by City Manager Jeffrey Barton and the Finance Department.