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Form #: B-52 <br /> 7/18/91 <br /> DEPARTMENT OF FINANCE <br /> REQUEST FOR COUNCIL ACTION <br /> DEPARTMENT: Finance DATE: December 4, 2012 <br /> STAFF CONTACT: Mike Okumoto PHONE: 933-6240 <br /> A. REQUEST: <br /> Council approval is requested for a refunding bond ordinance. The refunding bond ordinance authorizes <br /> refinancing of existing County debt to take advantage of today's lower interest rates. The ordinance has a <br /> not-to-exceed amount of$60 million which would be the maximum amount that would be refinanced. <br /> B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEETS AS NEEDED): <br /> Interest rates are at historic lows. The Finance Department has examined the County's existing debt and <br /> has listed bond and loan refinancing candidates in the refunding bond ordinance. Interest savings will be <br /> substantial. For instance, refunding the 2003 Series A bond issue will save an estimated $3.4 million in present <br /> value savings or an average of about $300,000 per year for the next 12 years. Refinancing candidates include <br /> the 2003 and 2004 bond issues, a housing loan, an improvement district project, and several state revolving <br /> fund loans for wastewater projects. <br /> SIGNED: DATE: / /30 //R <br /> Department ead <br />