City of Colorado Springs - File #: 15-00393

• File #: 15-00393
• Version: 2
• Type: Ordinance
• Status: Mayor's Office
• File created: 7/6/2015
• In control: City Council
• On agenda: 8/11/2015
• Final action: 8/25/2015
• Title: Ordinance No. 15-56 authorizing the issuance by the City of Colorado Springs, Colorado, of its Parking System Revenue Refunding Bonds, Series 2015 in the aggregate principal amount of not to exceed $11,000,000 for the purpose of refunding all of the City's outstanding Parking System Revenue Bonds, Series 1999, and Parking System Revenue Bonds, Series 2006; providing the form, terms and conditions of said Series 2015 Bonds, the manner and terms of their issuance, the manner of their execution, the method of paying them and the security therefor from the net pledged revenues of the parking system; providing for the sale of said Series 2015 Bonds; providing other details concerning said Series 2015 Bonds, and providing other matters relating thereto; and approving other documents relating thereto.

Date	Ver.	Action By	Action	Result
8/25/2015	2	City Council	finally passed	Pass
8/11/2015	1	City Council	approved on first reading	Pass
7/27/2015	1	Council Work Session	referred

Title
Ordinance No. 15-56 authorizing the issuance by the City of Colorado Springs, Colorado, of its Parking System Revenue Refunding Bonds, Series 2015 in the aggregate principal amount of not to exceed $11,000,000 for the purpose of refunding all of the City's outstanding Parking System Revenue Bonds, Series 1999, and Parking System Revenue Bonds, Series 2006; providing the form, terms and conditions of said Series 2015 Bonds, the manner and terms of their issuance, the manner of their execution, the method of paying them and the security therefor from the net pledged revenues of the parking system; providing for the sale of said Series 2015 Bonds; providing other details concerning said Series 2015 Bonds, and providing other matters relating thereto; and approving other documents relating thereto.

Body
From:
Kara Skinner, Chief Financial Officer
Tom Florczak, Deputy City Attorney
Greg Warnke, Parking Manager

Summary:
Attached is a DRAFT Parking System Bond Ordinance ("Bond Ordinance") to authorize the City to issue no more than $11.0 million in Parking System Refunding Revenue Bonds, Series 2015 (the "2015 Bonds").

The purpose of the refunding bonds is to (a) refund all of the City's outstanding Parking System Revenue Bonds, Series 1999 (the "1999 Bonds") and Parking System Revenue Bonds, Series 2006 (the "2006 Bonds"); (b) pay costs of issuing the 2015 Bonds; and (c) fund the Reserve Fund. The final Bond Ordinance will be presented for City Council consideration on August 11, 2015.

This refunding will allow the Parking System to take advantage of low interest rates and reduce its overall debt service costs. Based on the current estimates prepared by the City's financial advisor and the underwriter and depending upon the final bond rating and sale prices, the Parking System will save between $600,000 and $740,000 on a net present value basis over the life of the bonds. The City's financial advisor and the underwriter anticipate...