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City Council Finance Committee <br />Meeting Minutes <br />07/15/13 <br />Page 2 of 5 <br />UTILITY REVENUE BOND REFUNDING – JIM MANIRE, BLX GROUP <br />The City’s Financial Advisor, Jim Manire, presented to the Finance Committee <br />the results of the Request for Proposals issued and used to select a preferred <br />purchaser in the issuing of refunding bonds to prepay the existing debt of the <br />City’s Water and Wastewater Enterprise Funds owed to the Colorado Water <br />Resources and Power Development Authority. <br />Mr. Manire provided a handout which summarized the content of the proposals <br />received by six institutions which responded to the RFP. Most favorable was <br />BB&T with an interest rate of 2.47%. The present value savings are estimated at <br />approximately $557,000. Additionally, Finance Director Watson stated that the <br />refunding allows the City to change the bond covenants resulting in less <br />restrictive revenue distribution and operation and maintenance reserves. <br />Finance Director Watson stated that the Ordinance authorizing the sale and <br />issuance of the refunding bonds are scheduled for first reading to the full City <br />Council on July 16, 2013, with Mr. Jim Manire scheduled to appear and answer <br />any Council questions on second reading. <br />Council Member Keany asked if the bond refunding would affect the utility rate <br />study. Finance Director Watson stated that the refunding will be built in to the <br />study. <br />The Committee approved bringing forward the Ordinance to the full Council. <br />The full ordinance, debt service/savings summary, results of RFP, and <br />corresponding narrative can be located in the packet of the July 15, 2013 <br />Finance Committee Meeting. <br />SALES TAX REPORTS FOR THE MONTH ENDED MAY 31, 2013 <br />The Tax Manager presented the monthly sales tax reports for the period ended <br />May 31, 2013. <br />City Manager Fleming asked if the sales tax revenue of the vendors, including <br />food truck vendors, taking part in the special events held in the City would be <br />able to be captured. Manager Bolte stated that the vendors of all special events <br />in the City were being uniquely coded as to allow for a manual calculation at the <br />end of the season. Bolte stated that absolute segregation between events would <br />not be possible as many vendors are participating in multiple events but that <br />overall, the vendor revenue would be captured. <br />3 <br />