TITLE
Adopt resolution authorizing the issuance of the Lease Revenue Refunding Bonds Series 2019B (Open Space Refinancing Project), in a principal amount not to exceed $15,350,000; and, authorize the execution of all necessary related documents and actions. (Citywide)
DISCUSSION
On December 11, 2018, the City Council adopted Plans and Specification No. RFP PW18-058 for the design and build of a public safety parking garage. The City Council also expressed its intent to issue a bond to finance up to $13.3 million, for the costs of construction, project management, relocation of the fuel station, preliminary design of a police fleet maintenance facility, and costs associated with issuing a bond.
Additionally, on September 19, 2006, the City Council approved the issuance of the Long Beach Bond Finance Authority Lease Revenue Bonds, Series 2006B (Open Space Refinancing Project). The Series 2006B Bonds were issued to finance the acquisition of land and construction of park improvements. The Series 2006B Bonds are payable from the General Fund and are scheduled to mature in FY 31.
The City proposes to issue the Finance Authority of Long Beach Lease Revenue Bonds Series 2019A (Public Safety Garage). The principal amount of the Series 2019A Bonds will not exceed $13.3 million and will be payable from the General Fund through FY 39. The bond proceeds will be used to finance the cost of the Public Safety Parking Garage, fund a debt service reserve, and pay the costs of issuance. The City estimates that the Series 2019A Bonds will generate: (1) a true interest cost of 3.20 percent, (2) finance charges of $275,000, (3) project fund amount of $10.2 million, and (4) total debt service of $15.4 million that will begin in FY 20.
The City also purposes to issue the Lease Revenue Refunding Bonds Series 2019B (Open Space Refinancing Project) to refund the Series 2006B Bonds. It is anticipated that refunding the Series 2006B Bonds will save the General Fund approximately...
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