File #: RES 21-028    Version: 1 Name:
Type: Resolution Status: Passed
File created: 3/23/2021 In control: City Council
On agenda: 4/27/2021 Final action: 4/27/2021
Title: Action on Resolution 21-028, a Resolution authorizing the Modification of the Interest Rate on the Certificates of Participation (Brookings Health System Project), Series 2013 and Certificate of Participation (Brookings Health System Project), Series 2015B.
Attachments: 1. Memo, 2. Resolution

Title

Action on Resolution 21-028, a Resolution authorizing the Modification of the Interest Rate on the Certificates of Participation (Brookings Health System Project), Series 2013 and Certificate of Participation (Brookings Health System Project), Series 2015B.

 

Body

Summary:

Brookings Health System (BHS) is requesting the City of Brookings to adopt a refinancing resolution that will result in a modification of the interest rates and payment schedule of the Series 2013 & 2015B Bonds.  This modification will reduce debt service costs to Brookings Health System and save approximately $2.2M in interest expense over the next 15 years.

 

Recommendation

Recommendation:

Staff recommends approval.

 

Body2

Attachments:

Memo

Resolution