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8.A. - Page 4 <br /> will continue through February 1, 2035 not withstanding the wind-down of the Successor <br /> Agency. <br /> Next Steps <br /> A competitive sale of bonds is scheduled for April 30, 2015, subject to the continued <br /> finding of sufficient NPV savings, and the bond closing is scheduled for May 19, 2015. <br /> No further action on the part of the City Council is required. <br /> ALTERNATIVES <br /> The Council may reject staff's recommendation to sell refunding bonds to refinance <br /> outstanding bonds, in which case no debt service savings will be realized. <br /> FISCAL IMPACT <br /> This bond issue will reduce debt service on the 2006 Bonds by approximately $103,000 <br /> annually. Revised debt service expense will be reflected in the City's 2015-16 budget. <br /> ENVIRONMENTAL REVIEW <br /> This activity is not a project under CEQA as defined in CEQA Guidelines, section <br /> 15378, because it has no potential for resulting in either a direct or foreseeable physical <br /> change in the environment. <br /> AUDREY SEYMOUR RAMBERG <br /> INTERIM FINANCE DIRECTOR <br /> ROBERT B. BELL <br /> CITY MANAGER <br /> ATTACHMENTS <br /> 1. City Resolution <br /> 2. PFA Resolution <br /> 3. Summary of Principal Legal Documents <br /> 4. Preliminary Sources and Uses of Funds <br /> 5. Projected Debt Service Comparison and Savings Report <br /> 6. Preliminary Official Statement <br /> 4 <br />