HomeMy WebLinkAboutN.B. 1 GEN'L OBLIG FDS 01-20-92DATE: E= JANUARY 9, 1992
TO: WILLIAM A. HUSTON, CITY MANAGER
F R G1M= RONALD A. NAULT, DIRECTOR OF FINANCE
NEW BUSINESS N0. 1
1-20-92
SUBJECT: REDEMPTION OF 1973 CIVIC CENTER GENERAL OBLIGATION BONDS
RECOMMENDATION:
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Direct staff to call for the redemption of all outstanding bonds of
the 1973 Civic Center issue on the next available call date of
April 1, 1992. Further direct that upon the determination of the
Finance Director that the redemption has been finalized, any
surplus funds are to be transferred to the Park Development Fund
for future park projects.
DISCUSSION:
The City Council has expressed a desire to redeem outstanding 1973
Civic Center General Obligation Bonds at the earliest oportunity.
Based on anticipated tax receipts for fiscal 1991/92 the Council
may direct staff to initiate the redemption process to be effective
April 1, 1992. There are currently $400,000 worth of bonds
maturing or subject to call April 1, 1992. Interest and call
premiums and expense will be approximately $24,700. At this time
it is estimated that approximately $99,000 will be surplus and
available for transfer to the Park Development Fund per the
direction of the City Council.
Ron ld A. Nault
Director of Finance
RAN: 1s
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