06/06/1994-CC-Agenda Packet-Work SessionCITY COUNCIL twVORIVSHOP AGENDA
MONDAY, JUNE 6, 1994
291 BOLIVAR STREET, CITY HALL
CONFERENCE ROOM
6:00 P.M.
1. Call Meeting To Order
2. Discussion Regarding Capital Improvements Program Financing
3. Adjournment
6/3/94 10:00 a.m.
Date &Time Posted
CITY OF SANGER
P. O. BOX 578
SANGER, TEXAS 76266
MEMORANDUM #2515
TO: Honorable Mayor & Members of the CitV Council
FROM: John Hamilton, City Administrator
DATE. June 3, 1994
SUBJECT: Capital Improvements Financing
Financial Advisor Dan Almon has proposed another alternative in order to
finance the proposed street and library projects.
The premise of the plan involves early retirement of the 1986 Street
Improvements Certificates of Obligation issue which is Baa rated by Moody's,
and the issuance of new unrated Certificates of Obligation that should be
fixed at less than 7% for a fifteen year term. To give you an idea of the
annual debt service required, the following chart is presented:
- Certificates of Obligation
Annual Debt Service
7%
15 Year
$1.5M $161,179
$1.6M $172,577
$1.7M $183,365
$1.8M $194,141
$1.9M $204,929
$2.0M $215,719
la Year
$208,980
$222,912
$2369844
$250,776
$26 4,636
$278,640
The City's Bank Depository, GNB, has been contacted and is willing to work
with the City in any way possible to help in the debt structure of this Capital
Improvement Program.
Another meeting with Mr. Almon is scheduled for 3 p.m., Monday, and a
complete review of his proposal will be presented at Monday evening's
workshop.
JH:es