Information
Approval of this resolution will have no budget impact on current or future year budgets.
Type: Deliberation
Department: TREAS - Treasurer
Directors' Update: TBD
Business Meeting: April 13, 2021
Summary:Clarification for the removal of the 2015 Bond Refunding as previously approved by resolutions (20-452) and (21-055).
Publications:
Cover Letter To:
Additional Copies To:
Resolution
BOND TRANSACTION REMOVAL OF 2015 BOND REFUNDING AS PREVIOUSLY APPROVED RESOLUTIONS (20-452) AND (21-055) DUE TO LACK OF FAVORABLE MARKET CONDITIONS AT BOND CLOSING
WHEREAS, Resolution 20-452 called for the refunding of the Lewis County GO Bonds 2015 at a 5% savings threshold; and
WHEREAS, subsequent Resolution 21-055 changed the savings threshold to 2% and provided an approximate savings in future interest payments of $40,000.00; and
WHEREAS, market conditions at the time of sale of the 2021 Lewis County GO bonds were not favorable to accomplish a 2% savings, and therefore made the refunding of the 2015 LC GO bonds not viable.
NOW THEREFORE BE IT RESOLVED Lewis County took no action to refund the 2015 GO Bonds, as they did not meet the requisite savings threshold conditions at the time of the sale of the 2021 bonds, which were previously approved and needed to meet savings threshold of 2% that was directed in Lewis County Resolution 20-055.
DONE IN OPEN SESSION this 13th day of April, 2021.