HomeMy WebLinkAbout5D Staff CorrespondenceItem 5D -Lease Revenue Bonds
•Refinancing of 2012 bonds with 4.55% average interest rate
•2021 Bonds expected interest rate 2.12% to 2.30% depending on
market condition
•Total debt service savings $4.1 million to $4.4 million
•Savings realized in FY 2020-21 ($2.4 million) and FY 2021-22
($1.7 million)
•Savings takes into account all costs of Issuance (1.7% of Issue)
•Debt service paid by Measure J fund
•Final maturity shortened from 2035 to 2034
•Releasing the two downtown parcels, two fire stations, Skate Park
and Leisure Center from the leased asset securing the bonds as part
of the refunding