 |  | 5919 MAIN STREET . NEW PORT RICHEY, FL 34652 . 727.853.1016 |
| TO: | City of New Port Richey City Council | | FROM: | Crystal S. Feast, Finance Director | | DATE: | 1/5/2016 | | RE: | First Reading, Ordinance 2016-2071: Authorizing Issuance of Non-Ad Valorem Refunding Revenue Notes |
REQUEST:
The City Council is asked to conduct a first reading of Ordinance No. 2016-2071, which would authorize the issuance of Non – Ad Valorem Refunding Revenue Notes. These notes will refinance the existing Redevelopment Refunding Revenue Note, Series 2005A and Redevelopment Revenue Note, Series 2005B.
DISCUSSION:
Consistent with the strategy laid out in the City’s FY16 Budget, action has been taken to move forward with the refinancing of the outstanding debt of the Community Redevelopment Agency (CRA). I have with me today Jerry Ford, of Ford & Associates, Inc. (City’s Financial Advisor), who will present the results of the Request For Proposal and also provide a summary of what can be expected throughout this entire refinancing transaction.
Duane Draper, Bond Counsel for the City, has drafted the Ordinance before you, which authorizes the issuance of a of Non – Ad Valorem Refunding Revenue Notes to refinance the Redevelopment Refunding Revenue Note, Series 2005A and Redevelopment Revenue Note, Series 2005B. Duane will go through the Ordinance and a few key provisions that are included within.
RECOMMENDATION:
It is recommended that the City Council conduct a first reading of the Ordinance, which would authorize the issuance of issuance of Non – Ad Valorem Refunding Revenue Notes. The Ordinance is scheduled for a second reading on January 19, 2016.
BUDGET/FISCAL IMPACT:
There is no budget or fiscal impact related to the first reading of this Ordinance. | | | |