Sneaky Moves By Mesa City Manager Chris Brady > City Council Study Session Last Week Thu 10.15.2020

Question 1 ISSUANCE DELAY FOR $100M DEBT OBLIGATIONS - Conservative Republicans Don't Raise Taxes, soooo-oo what's the story?

Find out some details in this earlier post

 

15 October 2020

Remote Mesa City Council Study Session Thu 10.15.2020 @ 07:30 a.m. VIRTUAL PLATFORM

Printed on Tuesday 10/13 - in a week where City Manager Chris Brady stated there would be no council meetings - here's the Final Agenda and some meeting details for Thursday's Study Session starting at 07:30 a.m. 

The BIG ITEM is 2-a and that's reason alone to schedule this Study Session: AN ISSUANCE DELAY for the city's $100M Bond Program . . . but there's more Take a look

Item 2-a: 21 Power Point Slide Presentation

 

Hear a presentation and discuss the 2020 bond program including defeasance, new issuances, and refundings

by Ryan Wimmer, Treasurer

 

2020 ISSUANCE DELAY
6
 City typically issues each year in Spring
 2020 issuances initially planned for Apr/May
 Pandemic in Feb/Mar resulted in unfavorable market conditions
 2020 issuances deferred to current timeframe (Nov/Dec)
 2021 issuances still planned for Apr/May 2021

 

City of Mesa Bond Program
3
City financing team:

• Internal Staff

• Financial Advisor (Hilltop Securities: Larry Given, Janelle Gold)

• Bond Counsel (Sherman Howard, LLC: Zach Sakas)

Annually, City financing team:

 • evaluates need to issue (sell) bonds

 • issues bonds to finance budgeted capital projects

 • looks for savings opportunities to refund (refinance) existing bonds at lower interest rate over same timeframe

• uses available cash to defease existing debt (pay off early)

 • retires, or pays off, bonds that mature (come due)