 |  | 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: | 1/19/2016 | | RE: | Second Reading, Ordinance 2016-2071: Authorizing Issuance of Non-Ad Valorem Refunding Revenue Notes |
REQUEST:
The City Council is asked to conduct a second reading of and approve Ordinance No. 2016-2071, which would authorize the issuance of a Non – Ad Valorem Refunding Revenue Note. This note 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). Jerry Ford and Will Reed, of Ford & Associates, Inc. (City’s Financial Advisor), will present the final results of the RFP and present a summary of the refinancing transaction, along with implications of completing such a transaction.
Duane Draper, Bond Counsel for the City, is available to answer any questions you may have related to provisions of the Ordinance.
RECOMMENDATION:
It is recommended that the City Council conduct a second reading of and approve Ordinance No. 2016-2071, which would authorize the issuance of a Non – Ad Valorem Refunding Revenue Note to refund Redevelopment Refunding Revenue Note, Series 2005A and Redevelopment Revenue Note, Series 2005B.
BUDGET/FISCAL IMPACT:
Any costs pertaining to this transaction will be paid from the proceeds derived from the refunding (refinancing). Therefore, there is no impact on the City’s Operating Budget. | | | |