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Item 17CITY COUNNlREPORT Meeting Date: Charter Provision:Objective:mm10/20/2020 Provide for the orderly government and administration of the affairs of the City General Obligation Refunding Bond IssuanceACTION General

How to fill out general obligation refunding bond

How to fill out general obligation refunding bond

1. Gather all necessary documents such as the original bond agreement, any amendments or extensions, and the refunding bond application.
2. Review the terms and conditions of the original bond agreement to understand the obligations and restrictions associated with the refunding process.
3. Prepare a detailed analysis of the financial benefits and risks associated with refunding the general obligation bond. This analysis should consider factors such as interest rate differentials, cost savings, and potential credit rating impacts.
4. Contact the legal counsel and financial advisors involved in the original bond issuance to discuss the refunding process and any legal or regulatory requirements.
5. Complete the refunding bond application, providing all necessary information and supporting documentation as requested.
6. Submit the refunding bond application to the appropriate authority or governing body overseeing the issuance of general obligation bonds.
7. Await approval from the governing body, which may involve a review process or public hearing.
8. If approved, work with legal counsel and financial advisors to prepare the necessary legal documents, including the refunding bond agreement.
9. Arrange for the sale of the refunding bonds to investors, ensuring compliance with applicable securities laws and regulations.
10. Use the proceeds from the refunding bonds to repay the existing general obligation bond, effectively refinancing the debt and achieving the desired cost savings.
11. Monitor and manage the ongoing obligations associated with the refunding bond, including making timely payments of principal and interest.
12. Periodically review the financial performance and market conditions to assess the potential for additional refunding opportunities.

Who needs general obligation refunding bond?

1. General obligation refunding bonds are typically needed by government entities or municipalities that have existing general obligation bonds with higher interest rates.
2. By issuing refunding bonds, these entities can take advantage of lower interest rates and achieve cost savings by refinancing the existing debt.
3. This can be beneficial for entities facing budget constraints or looking to free up funds for other projects or initiatives.
4. Additionally, entities with improved credit ratings or financial profiles may also pursue refunding bonds to lower borrowing costs and improve overall debt management.

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What is general obligation refunding bond?

A general obligation refunding bond is a type of municipal bond issued to refinance existing debt obligations, lowering interest rates or extending the duration of the debt.

Who is required to file general obligation refunding bond?

Municipal entities, such as state or local governments, that issue general obligation bonds are required to file general obligation refunding bonds when they seek to refinance existing debt.

How to fill out general obligation refunding bond?

To fill out a general obligation refunding bond, the issuing authority must provide details such as the bond amount, the purpose of the refunding, the maturity dates, the interest rate, and any applicable legal language.

What is the purpose of general obligation refunding bond?

The purpose of a general obligation refunding bond is to reduce interest costs, create budgetary savings, and improve cash flow by replacing older, higher-interest debt with new, lower-interest debt.

What information must be reported on general obligation refunding bond?

Information that must be reported includes the bond's face value, interest rates, payment schedules, the intended use of proceeds, and any obligations being refinanced.