1996 AGN NOV 05 I08 - Laserfiche WebLink

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MEMORANDUM i To, City of Calton . Fin=e Staff-- Anna Vega, Bonnie Johnson « City Treasurer -- Mike Williams Mollo, los Cott mission Member's From Fielda xa, Rolapp Associates iOktf Dt€a°Iars, Nn6pat i Re:CVD Refunding, Update Dater October 30,1996 The following is an update on the CFD refunding prude for you to present to the City Council on November 5,1996. The CFDIs that will be included in the refunding are CFD 87.1, 88.1 and 69-1 (Pacific Su slut). The City will he tttilixirV some rem al=g construction fund monies from the original projects to reduce the debt to the property, owners as well as interest rate savings to the property owners. Some construction fitted manioc will also be made available for future use within CFDs 88-1 & 89-1 for the City's street rehabilitation progranl. We have been diligently working sc hdi 'Finavcitzi Security, Assuranco, Inc. (FSA) to provide tht City with Bond Insurance for the refunding which will maximize the savings available to the Districts, Bond insurance will automatically provide the Refunding Bonds with s " Rating from Standard & Paor`s. We anticipate receiving an insurance commitment from FSA by the and of this week or no later then early next wreck. Documents for the transaction are in draft form and the unerring team has been modifying them as more information becomes available from various parties to the trarasaotion. it is anticipated that the documents wiil conte to the City Council for approval ire suhstatttially filtal .form at the Cmuaril Meeting scheduled for November 19, 1996. The sale of the Hands will theft be held shortly thereafter Finally, in order to accelerate the process, the City has decided to negotiatetht sale of the bonds with an-undtt�vlit width will save approximately two weeks in the transaction's Scheduling process: