TITLE
Recommendation to receive supporting documentation into the record, adopt resolution authorizing the issuance by the Board of Harbor Commissioners, on behalf of the City of Long Beach, of Harbor Revenue Refunding Bonds Series 2020A and 2020B, in an aggregate principal amount not to exceed $175,000,000, and Harbor Revenue Short-Term Notes Series 2020C, in an aggregate principal amount not to exceed $145,000,000, secured and solely payable from Harbor Department revenues, and authorize the execution of all necessary documents. (Citywide)
DISCUSSION
The Board of Harbor Commissioners, acting on behalf of the City, proposes to issue the Harbor Revenue Refunding Bonds Series 2020A and 2020B (Series 2020 Bonds), in an aggregate principal amount not to exceed $175,000,000. The Board of Harbor Commissioners also proposes to issue the Harbor Revenue Short-Term Notes Series 2020C (Series 2020 Notes), in an aggregate principal amount not to exceed $145,000,000.
Proceeds from the issuance of the Series 2020 Bonds will be used to refund the outstanding Harbor Revenue Bonds, Series 2010A and 2010B (Refunded Bonds) and pay the costs of issuance associated with issuing the Series 2020 Bonds. The City estimates that the Series 2020 Bonds will generate (1) a true interest cost of 1.189 percent (2) finance charges of $540,821, (3) escrow amount of $211 million, and (4) total debt service of $157.6 million.
Proceeds from the issuance of the Series 2020 Notes will be used to pay and/or reimburse the Harbor Department for construction costs related to the Gerald Desmond Bridge. The proceeds will also be used to fund a capitalized interest account and pay the costs of issuance associated with issuing the Series 2020 Notes. The City estimates that the Series 2020 Notes will generate (1) a true interest cost of 1.181 percent (2) finance charges of $230,294, (3) a construction fund amount of $145 million, and (4) total debt service of $152.4 million.
This matter was re...
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