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City and Borough of Juneau |
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Assembly of the City and Borough of Juneau
I. FLAG SALUTE II. ROLL CALL III. PUBLIC PARTICIPATION ON NON-AGENDA ITEMS. IV. UNFINISHED BUSINESS This resolution would accept the bid terms for the issuance of $5.685 million in General Obligation (GO) bonds to refund the 2000B and 2002 General Obligation bonds issued as partial funding for the Juneau Douglas High School. These bonds are being sold through the Alaska Municipal Bond Bank Authority and will have the same terms as the issues being refunded (2000B four years and 2002 five years). The total savings from the refunding will be approximately $689,000. The 2000B bonds qualify for 60% state reimbursement and the 2002 bonds for 70% state reimbursement. The savings to the CBJ, assuming full state funding for the State’s School Construction Bond Debt Reimbursement Program, will be $220,000. There were a total of ten bids received. The bids were received by the Alaska Municipal Bond Bank. The interest rates being charged to the CBJ by the Bond Bank will be the same as those being paid by the Bond Bank. The bids were received on the morning of February 27, 2012. The standard practice is to accept bids as soon as possible, the same day, after the date of submission. I recommend this resolution be adopted. This resolution will accept the bid terms for the issuance of $12.810 million in General Obligation (GO) bonds to refund the 1999 non recourse revenue bonds issued by the CBJ for the benefit of St. Anne’s Care Center (now Wildflower Court). The original bonds were authorized pursuant to Ordinance 99-13 and issued for the construction of the Wildflower Court facility. These bonds are being sold through the Alaska Municipal Bond Bank Authority and will have the same terms as the issue being refunded (14 years). The total savings from the refunding (from reduced interest rates) will be $6.284 million, with a net present value savings of $5.033 million. There were a total of 10 bids received. The bids were received by the Alaska Municipal Bond Bank. The interest rates being charged to Wildflower Court by the Bond Bank will be the same as those being paid by the Bond Bank. The bids were received on the morning of February 27, 2012. The standard practice is to accept bids as soon as possible, the same day, after the date of submission. I recommend this resolution be adopted. V. ASSEMBLY COMMENTS AND QUESTIONS VI. ADJOURNMENT Note: Agenda packets are available for review online at www.juneau.org. ADA accommodations available upon request: Please contact the Clerk’s office 72 hours prior to any meeting so arrangements can be made to have a sign language interpreter present or an audiotape containing the Assembly’s agenda made available. The Clerk’s office telephone number is 586-5278, TDD 586-5351, e-mail: city_clerk@ci.juneau.ak.us .
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