Title
Ordinance No. 20-35 of the City of Colorado Springs, Colorado providing for the refunding of certain outstanding Utilities System Revenue Bonds of the City; providing for the issuance and sale of the City of Colorado Springs, Colorado, [Taxable] Utilities System Refunding Revenue Bonds, series 2020D [2021A] in an aggregate principal amount not to exceed $86,000,000, payable solely out of the Net Revenues to be derived from the operation of the City of Colorado Springs Utilities System; authorizing the execution by the City of a Paying Agent Agreement, an Escrow Agreement, Bond Purchase Agreements and an Official Statement related thereto; and providing other matters relating thereto.
Presenter:
Scott Shewey, Acting Chief Planning and Finance Officer, Colorado Springs Utilities
Aram Benyamin, Chief Executive Officer, Colorado Springs Utilities
Body
Summary:
The attached Ordinance addresses the issuance of the City of Colorado Springs, Colorado, [Taxable] Utilities System Refunding Revenue Bonds, Series 2020D [2021A], which will refund the City of Colorado Springs, Colorado, Utilities System Refunding Revenue Bonds, Series 2011A ("2011A Bonds"); pay certain costs of issuing the Bonds; and pay the Surety Premium.
Background:
The City has determined that the refunding of the 2011A Bonds is beneficial, and the City will potentially receive a net present value savings on current bond expenses. The City has two options to refund the 2011A Bonds that are dependent upon financial market conditions at the time of sale. Enter into a Forward Delivery Bond Purchase Agreement to deliver the 2011A Bonds in 2021 as City of Colorado Springs, Colorado, Utilities System Refunding Revenue Bonds, Series 2021A; or refund the 2011A bonds in 2020 as City of Colorado Springs, Colorado, Taxable Utilities System Refunding Revenue Bonds, Series 2020D. Advantages to the City of one option over the other cannot be determined at the time of presentation of this Ordinance...
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