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File #: 20-2525    Version: 1 Name: Refunding Finance Authority Series 2013 Bonds
Type: Resolution Status: Administrative
File created: 4/8/2020 In control: Yountville Finance Authority
On agenda: 5/5/2020 Final action:
Title: Consider Adoption of Resolution Number 20-07 Approving the Form and Authorizing the Execution of Certain Lease Financing Documents in Connection with the Refunding of the Outstanding Yountville Finance Authority Lease Revenue Bonds, Series 2013, and Authorizing and Directing Certain Actions with Respect Thereto.
Attachments: 1. Resolution, 2. Letter Agreement for Purchase, 3. Site and Facility Lease, 4. Lease Agreement, 5. Escrow Agreement, 6. Assignment Agreement, 7. Termination Agreeement
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Yountville Finance Authority Staff Report


DATE: May 5, 2020

TO: President and Board of Directors of the Authority

FROM: Steven Rogers, Town Manager; Celia King, Finance Director

TITLE
title
Consider Adoption of Resolution Number 20-07 Approving the Form and Authorizing the Execution of Certain Lease Financing Documents in Connection with the Refunding of the Outstanding Yountville Finance Authority Lease Revenue Bonds, Series 2013, and Authorizing and Directing Certain Actions with Respect Thereto.
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DISCUSSION/BACKGROUND
In February 2013, the Yountville Financing Authority issued 2013 Lease Revenue Bonds in the amount of $4,260,000 to fund a seismic retrofit for the historic Town Hall building, and the reconstruction of streets and replacement of sewers on Madison and Yount streets. The Town is obligated to pay the debt from existing General Fund revenue sources, and therefore budgets an annual General Fund transfer to pay principal and interest payments applicable to the Town Hall seismic retrofit. Principal and interest payments for the portion of the sewer line replacement are funded with an annual transfer from the Wastewater Collection Capital Improvement Fund (64).

Town staff and our Financial Advisor, Columbia Capital Management, regularly review the financial markets to see if refinancing could result in annual savings for the Town. Given the financial impacts of the COVID-19 pandemic it has become obvious that any cost reduction the Town may be able to achieve is helpful at this time.

The 2013 Bonds permit the Town to cause the Authority to refinance the 2013 Bonds. The Town desires to refinance the 2013 Bonds in order to take advantage of a more favorable interest rate environment than at original issuance. Based upon the formal proposal from Westamerica Bank, the Authority's financial advisor, Columbia Capital Management, LLC, indicates post-refinancing debt service savings (after all transaction costs) to be $45,000 in total over the...

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