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<br />Refunding of the 1999 Certificates <br /> <br />Page 5 of 5 <br /> <br />May 1, 2007 <br />May 15, 2007 <br /> <br />· Sale of Certificates <br /> <br />. Certificate Closing-Delivery of Certificate Proceeds to the City and <br />Funding of Escrow to Defease Prior Certificates on November 1,2009 <br /> <br />City Council Committee Review and Action <br />Finance Committee reviewed on March 20, 2007 with recommendation to forward to the <br />April 16, 2007 City Council meeting. <br /> <br />Applicable General Plan Policy <br />N/A <br /> <br />Environmental Review <br />N/A <br /> <br />Code Compliance Review <br />N/A <br /> <br />Board/Commission Findines <br />N/A <br /> <br />Summary of Public Outreach Efforts <br />N/A <br /> <br />Fiscal Impact <br />Savings of approximately $2.1 million or $150k annually is anticipated. The savings will be <br />greater if a surety is purchased allowing for an approximate $1.8 million reduction in bond <br />principal. <br /> <br />Attachments <br />. Refunding Analysis prepared by E. Wagner & Associates, Inc. <br /> <br />. Preliminary Official Statement - This is the public document that summarizes all aspects of <br />the financing transaction and the 2007 Bonds. This is also the document that investors rely <br />on when making its investment decision. The Preliminary Official Statement summarizes <br />all of the documents needed to issue 2007 Certificates. Full copies of these documents can <br />be requested from the City's secretary. <br /> <br />CONCLUSION <br />Staff recommends that the City Council approve the Resolutions and necessary bond documents <br />to refund the 1999 Certificates of Participation and to issue new Certificates that will result in an <br />approximate savings of $2.1 million or $150k annually. <br />