CUDAHY — After a presentation by financial consultants Ehlers & Associates, the Common Council approved the initial resolutions required to move forward the process of two additional refunding bond efforts.
These are in addition to three refunding efforts that were conducted earlier in 2016 which will save a total dollar amount of $679,104 from 2017 through 2028.
The Common Council approved the initial resolution for $3,810,000 Taxable General Obligation Refunding Bonds, which will refund the Taxable 2009 General Obligation Bonds, the TIF portion, and Taxable 2010 General Obligation Bonds, the city tax levy portion. The initial present value savings projections on this issue are $193,061 between 2017 to 2021, and $141,374 between 2017 to 2030.
The Common Council approved the initial resolution for $2,885,000 Storm Water Utility Revenue Refunding Bonds, which will refund the 2008 Storm Water Revenue Bonds. The initial present value savings projects on this issue are $118,110 between 2017 to 2028.
The initial resolutions are the first steps in the refinancing process. The city will make a presentation to the bond rating agencies and go through the bond sale process, with final resolutions and consideration of sale happening at a future meeting of the Common Council Aug. 16.
“These are additional continued prudent financial management efforts, and working closely with our financial advisers, this refunding will save our citizens real dollars.” said Mayor John Hohenfeldt. “These continued efforts show the commitment by the entire Cudahy Management Team and my fellow elected officials to continue acting in a cost effective manner saving our taxpayers money.”
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