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Cudahy Common Council approves two refunding bond issues, cites $680,551 in projected savings
Summary
The Cudahy Common Council on Aug. 16 approved two refunding bond resolutions — $3.72 million in taxable general obligation bonds and $2.79 million in stormwater utility revenue bonds — that the city said will save an estimated $680,551 over the life of the issues.
The Cudahy Common Council on Aug. 16 approved two refunding bond measures that city financial advisers said will reduce long-term interest costs.
Greg Johnson of Ehlers & Associates presented the bid results to the council, saying the lowest bid for the Taxable General Obligation Refunding Bonds, Series 2016D, came in at 1.9488%, lowering the refunded principal to $3,720,000 and producing an estimated $417,000 in savings over the remaining life of that bond. For the Storm Water Utility Revenue Refunding Bonds, Series 2016E, Johnson said the lowest bid was 1.7656%, lowering that issue to $2,790,000 and generating an estimated $263,551 in savings.
Council members moved promptly to approve both sales. Alderperson Litkowiec moved to approve Resolution No. 7062 for the $3,720,000 taxable general obligation refunding bonds; Alderperson Hollenbeck seconded and the roll call vote carried unanimously. Alderperson Hollenbeck moved to approve Resolution No. 7063 authorizing the $2,790,000 storm water utility revenue refunding bonds; Alderperson Litkowiec seconded and the motion also carried unanimously.
Taken together, the two approvals represent a combined estimated savings of $680,551 over the remaining life of the refunded issues, per the figures Johnson presented to the council. The council’s action authorizes the sale and related procedural steps; the minutes record no amendments to the finance plan and no additional conditions on the authorizations.
The council’s formal records list the actions as Resolution No. 7062 (Series 2016D) and Resolution No. 7063 (Series 2016E). The resolutions were adopted during the Aug. 16 meeting at the Cudahy Municipal Building.
