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Award of the Electric Revenue Refunding Bonds Series 2013A

Award of the Electric Revenue Refunding Bonds Series 2013A. Vic Erganian Deputy Finance Director/Treasurer November 18, 2013 City Council. Background. Council approved the issuance of the 2013A Electric Revenue Refunding Bonds on Sept 30, 2013

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Award of the Electric Revenue Refunding Bonds Series 2013A

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  1. Award of theElectric Revenue Refunding BondsSeries 2013A Vic Erganian Deputy Finance Director/Treasurer November 18, 2013 City Council

  2. Background Council approved the issuance of the 2013A Electric Revenue Refunding Bonds on Sept 30, 2013 Authorized a not-to-exceed amount of $85 million Bonds sold on competitive basis on November 18, 2013 Pursuant to Section 1414 of the Charter, Council must accept the bid and fix the rate on the bonds

  3. Bid Results

  4. Financial Results True Interest Cost = 4.246142% Refunding portion NPV Savings = $538,043 NPV % Savings = 15.22%

  5. Electric Revenue Refunding Bonds Section 3 of the Resolution: “The exact aggregate principal amount of the 2013A Bonds to be issued and sold is $80,485,000.”

  6. Electric Revenue Refunding Bonds Section 4 of the Resolution: “The Director of Finance is authorized and directed to deliver the 2013A Bonds at a purchase price of $84,639,244.38.”

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