File #: REP 16-303    Version: 1 Name: 2016 Limited Tax General Obligation Bond Anticipation Note
Type: Informational Report Status: Meeting Item
File created: 7/12/2016 In control: CITY COUNCIL WORKSHOP
On agenda: 7/18/2016 Final action:
Title: 2016 Limited Tax General Obligation Bond (LTGO) Anticipation Note (Line of Credit) Details: The 2014 LTGO Bond Anticipation Note or Line of Credit with Bank of America expires August 6, 2016. The 2016 LTGO Bond Anticipation Note (BAN) replaces the 2014 BAN or Line of Credit. Bank of America will purchase the note with more favorable terms than the prior note. The size of the note will remain at a not-to-exceed of $7,000,000. City staff estimate the savings to be approximately $6,000 over the life of the note in interest and fees. The note provides the City more flexibility with the funding delay of state funds and seasonal cash flow needs. The ordinance for this item was also on the Regular Meeting Agenda for consideration in order for the one note to expire and the new one to be available the same day. Presenter: Cathy Huber Nickerson
Indexes: Debt Issuances
Attachments: 1. DRAFT Amending Ordinance City of Camas LTGO, 2. Substitute Note City of Camas LTGO BAN 2016
Related files: ORD 16-013, ORD 18-011, REP 18-352
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Title

2016 Limited Tax General Obligation Bond (LTGO) Anticipation Note (Line of Credit)

Details:  The 2014 LTGO Bond Anticipation Note or Line of Credit with Bank of America expires August 6, 2016. The 2016 LTGO Bond Anticipation Note (BAN) replaces the 2014 BAN or Line of Credit. Bank of America will purchase the note with more favorable terms than the prior note. The size of the note will remain at a not-to-exceed of $7,000,000. City staff estimate the savings to be approximately $6,000 over the life of the note in interest and fees. The note provides the City more flexibility with the funding delay of state funds and seasonal cash flow needs. The ordinance for this item was also on the Regular Meeting Agenda for consideration in order for the one note to expire and the new one to be available the same day. 

Presenter:  Cathy Huber Nickerson

Recommended Action

Recommended Action:  This item has been placed on the July 18, 2016 Regular Meeting Agenda for City Council's Consideration as Ordinance No. 16-013.