HomeMy WebLinkAboutCouncil Resolutions 1481 RESOLUTION NO. I `g\
A RESOLUTION AUTHORIZING STAFF TO SEEK DEBT FINANCING THAT WILL
REFINANCE THE CITY'S WATER RESERVOIR LOAN AND FINANCE THE EAST
PINE STREETSCAPE PROJECT
RECITALS:
A. The City financed the water reservoir project in 2010 at an interest rate of 3.4%.
B. The City has been presented an opportunity to refinance that debt at an interest rate of
2.1%to 2.5%which would result in a net present value savings of approximately$392,000.
C. The City also has an opportunity to include in a refinance,the financing for the East Pine
Streetscaping project at a significantly lower rate than the Development Commission could
obtain for said project.
D. Staff seeks direction from Council authoring staff to seek debt financing to refinance the
water reservoir loan and finance the East Pine Streetscaping project.
The City of Central Point resolves as follows:
Section 1.Council directs staff to seek debt refinancing to refinance the existing City debt for
the water reservoir.
Section 2. Council directs staff to seek debt refinancing that would include financing the East
Pine Streetscaping project.
Passed by the Council and signed by me in authentication of Its passage this 8th day of
December,2016.
Mayor Hank Williams
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City Recorder .