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Council hears options for bond refunding; staff recommends 'parameter sale' flexibility
Summary
Staff updated council on three callable bond series and recommended the council consider a parameter sale to allow market-timed refunding if conditions meet preset thresholds.
City finance staff updated the council on a possible refunding of callable bonds and described a “parameter sale” as a way to allow a market-timed refunding within council-approved limits.
Finance staff identified three issues with callable debt: Series 2013 certificates of obligation, Series 2015 certificates of obligation, and Series 2014 sales-tax revenue bonds. Kim, a finance staff member, summarized recent market analysis prepared with the city’s financial advisor and said that market conditions at the time of the meeting were…
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