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Copel council authorizes parameterized refunding ordinance, sets minimum savings and TIC ceiling
Summary
Council approved an ordinance delegating bond refunding pricing to staff, setting a minimum present-value savings trigger of 5% and a maximum TIC of 2.75% for refinancing callable 2013 and 2016 certificates of obligation.
The Copel City Council on April 28 authorized a parameterized refinancing of callable 2013 and 2016 combination tax and limited surplus revenue certificates of obligation, delegating final pricing to the city's pricing officers while setting minimum and maximum thresholds for savings and interest.
Jason Hughes of Hilltop Securities, the city's financial adviser, told council the refinance could capture about $310,000 in present-value savings under the assumptions presented but that the exact savings depend on market…
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