Agenda Date: 4/7/2015
Subject:
Title
Resolution authorizing the negotiated sale of a City of Littleton, Colorado, refunding development revenue note (Rocky Mountain Center for the Blind project), series 2015, in a principal amount not to exceed $1,900,000; ratifying action heretofore taken and providing other matters relating thereto.
Body
Presented By: |
Doug Farmen, Finance Director |
POLICY QUESTION:
Does city council support a resolution authorizing the negotiated sale of a refunding development revenue note for Rocky Mountain Center for the Blind (RMCB)?
BACKGROUND:
The RMCB is requesting a negotiated sale of this note to FirstBank (the Lender) as it has determined it is in the RMCB's best interest to sell the note directly to the Lender. Section 94 of the city charter requires a resolution be adopted by the city council to authorize a negotiated sale of bonds (notes).
STAFF ANALYSIS:
N/A
FISCAL IMPACTS:
The City of Littleton has no risk of liability, debt or indebtedness in this transaction. There are no issuance or other city costs associated with this transaction, therefore, there are no fiscal impacts to the city.
STAFF RECOMMENDATION:
Staff recommends approving the resolution.
PROPOSED MOTION:
Proposed Motion
I move to approve the resolution authorizing the negotiated sale of a City of Littleton refunding development revenue note (Rocky Mountain Center for the Blind project), series 2015.