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Sutter Butte board authorizes refunding plan, clearing way for up to $71.5M in bonds
Summary
The Sutter Butte Flood Control Agency on Nov. 12 authorized a refunding plan allowing issuance of assessment revenue refunding bonds not to exceed $71.5 million to refinance portions of outstanding 2013 and 2015 bonds; staff estimates roughly $2.1 million net present‑value savings and average annual savings of about $180,000, subject to market and
The Sutter Butte Flood Control Agency on Nov. 12 authorized staff to proceed with an assessment revenue refunding that would allow issuance of bonds with a not‑to‑exceed principal of $71,500,000 to refinance portions of its outstanding 2013 and 2015 assessment revenue bonds. The board voted unanimously to approve the authorizing resolution.
Dan Cox, the agency’s municipal advisor with KNN, told the board the staff recommendation is to approve an authorizing resolution and proceed with a negotiated sale through underwriter Stifel, Nicolaus. "The action would authorize that sale pursuant to a bond purchase agreement provided that the minimum net present value savings is at least 3% of the principal amount of bonds," Cox said, adding later that "we estimate...net present value…
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