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HomeMy WebLinkAbout1997-06-03; City Council; Resolution 97-4689 -. 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 97-468 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING THE STAFF TO PROCEED WITH PRELIMINARY WORK RELATED TO PROCEED WITH REFUNDING EXISTING BOND ISSUES. WHEREAS from time to time the City of Carlsbad has issued various types c debt to finance the construction of public projects within the City; and WHEREAS the interest rates applied to these debt issues reflect the market conditions at the time the issue was originally sold to the market, and WHEREAS over time, interest rates in the tax exempt municipal markets fluctuate to reflect economic conditions and the market's interest in various types o exempt debt; and WHEREAS it is in the best interest of the City of Carlsbad and the tax payers within the City to achieve the lowest cost possible for any debt issue, consistent wit1 prudent financial management principles; and WHEREAS from time to time it is appropriate for the City staff to prepare and submit to the Council refunding proposals which will reduce the annual cost of fund: the City. ~ ~ ~ e ?, c L ? 0 a 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CARLSBAD AS FOLLOWS: 1) That the above recitations are true and correct. 2) That the staff is here by authorized to actively consider the refunding of any existing debt issue. 3) That the staff may proceed with requesting proposals from underwriters, leg experts and other parties deemed necessary to accomplish a refunding of any of tt subject debt issues. 4) That the staff shall present to the City Council any recommended financing t prior to commencing any official work on a refunding. 5) That the staff may consider combining any CMWD refunding with any City o Carlsbad refunding where such combination results in improved savings for both entities. 6) That the staff shall endeavor to recover from any subsequent refunding an amount necessary to reimburse the City and/or District for staff time invested in the refunding effort, but not-less than $10,000 per issue refunded, and any direct cost5 related to the refunding effort. ~ _- - ;h, -2- "-. v 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 e 0 PASSED, APPROVED, AND ADOPTED at a regular meeting of the Carlsbac Council held on the 3rd day of June , 1997, by the following vc wit: AYES: Council Members Lewis, Finnila, Nygaard, Kulchin, and NOES: None ABSENT: None ABSTAl N: None ATTEST: ALETHA L. RAUTENK (SEAL) -3- i \