Description: AGENDAHED.JPG

Item No:                    5F.


Meeting Date:           April 22, 2013


From:                          William Spinelli, CPA, Director of Finance


Subject:                      Resolutions authorizing the issuance of the City of Leesburg of not to exceed $22 million in aggregate principal amount of its Utility System Refunding Bonds, Series 2013, to refund the City’s outstanding Utility System Revenue Bonds 2004.



Staff Recommendation: 

Staff recommends adoption of both the Series and Supplemental Resolutions (the “Resolution”) of the City Commission authorizing the issuance of the City of Leesburg Utility System Refunding Revenue Bonds, 2013 (the “2013 Bonds”) in a total aggregate principal amount of not to exceed $22 million; approving substantially final forms of the Series Resolution and bond purchase agreement; and authorizing and approving other related actions in connection with the issuance of the 2013 bonds.


Approval of the recommendations will allow the issuance of the 2013 Bonds to refund all the outstanding City of Leesburg Utility System Revenue Bonds, 2004 to the extent such refunding of the 2004 Bonds meets the City’s Debt Management Policy savings objectives and the requirements stipulated in the City’s Master Trust Agreement.



The proposed 2013 Bonds will refund $22 million of outstanding 2004 Bonds to the extent that economic savings are realized.  Based on the current market pricing, the City estimates refunding savings of approximately $_____. Or approximately __% of the par amount of 2004 bonds refunded.  Such estimated savings are well above the City’s savings objectives.



1.  Approve both the Series and Supplemental Resolutions; or

2.  Such alternative action as the Commission may deem appropriate


Fiscal Impact: 

Subject to the market, the 2013 Utility System Refunding Revenue Bonds are estimated to produce an average annual savings of $75,000-$100,000 per year to the Water, Wastewater and Gas Funds. 





Submission Date and Time:    4/17/2013 6:31 PM____


Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____



Revised 6/10/04


Reviewed by: Dept. Head ________


Finance  Dept. _BLM,___________                                     


Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________


Account No. _________________


Project No. ___________________


WF No. ______________________


Budget  ______________________


Available _____________________