Agenda

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Item # 8.

Council Meeting

Meeting Date:	08/11/2020
Department:	Finance
Pillars:	Gold Standard in Financial Health
Milestones:	Continuously improve processes and policies to include the voice of the customer and ensure the policies are easily accessible

AGENDA CAPTION:

Present, Discuss, and Consider Action on an Ordinance Authorizing the Issuance of Town of Addison, Texas, General Obligation Refunding Bonds, Taxable Series 2020.

BACKGROUND:

At the June 9, 2020, Council meeting, staff presented a plan to take advantage of a favorable market environment to refund the 2012 General Obligation Bonds and 2013B Taxable General Obligation Bonds. Estimates provided at the June 9, 2020, Council meeting were that the refunding would create $795,088, or 6.50%, in Net Present Value savings over the remaining life of the debt.

Certain details concerning the General Obligation Taxable Refunding Bonds will not be known until the completion of the sale on August 11, 2020. This information will be made available at the Council meeting on August 11, 2020, prior to the discussion of this item. The ordinance will be updated at the meeting.

The Town of Addison's AAA/Aaa bond ratings from Standard and Poor's and Moody's were reaffirmed as part of this bond sale.

RECOMMENDATION:

Administration recommends approval.

Attachments
Ordinance - Authorization of 2020 General Obligation Taxable Refunding Bonds