December 2, 2024 at 7:00 PM - Regular BASWA Meeting
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1. ROLL CALL
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2. CONSENT AGENDA
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2.a. Approve agenda as submitted.
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2.b. Receive and place on file all notices pertaining to this meeting.
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2.c. Receive and place on file all materials having any bearing on this meeting.
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2.d. Approval of minutes of regular meeting on August 5, 2024, as on file in the City Clerk's Office.
Action(s):
No Action(s) have been added to this Agenda Item.
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3. PUBLIC HEARINGS/BIDS - None
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4. RESOLUTIONS
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4.a. Resolution Number 71 authorizing the issuance of the Agency’s Solid Waste Disposal Facilities Revenue Bonds, Series 2025.
Action(s):
No Action(s) have been added to this Agenda Item.
Discussion:
landfill cell currently towards end of life. ground south side of landfill. develop new MSW landfill. C&D already there, working with burns & mac. currently out for bids. next step financing, reached out to Jay Spearman, Piper Sandler
Jay - not to exceed $16 million, current rate environment, difference between rated & non-rated, .8%, revenue bonds can add another 2 to that. why does city obligate taxing authority as pledge to repay these bonds. City never had to levy a tax. anticipated that would be the case as well. having the general obligation, operation of landfill about 100 basis points. $15 million dollars, pay back over 25 years. 3.5 million in interest payments. city's backing benefits baswa. through preliminary analysis, AA2 category, extremely well, low debt to _______, good cash reserve & not alot of bonds. proceed with rating in 2025, market in January or February 2025, bids back then move forward with 2nd issuance. Ted - advantage to issue all at one time? Jay - 2 issues is due to having bids back, waiting for 2nd is waiting for bids to come back to not over issue bonds, hope interest rate improves. Terry - 6.5% interest rate? Jay - not to exceed 6.5%, today?? 4.5% Terry - callable? Jay - 5 years as all other Jay - life of bond, advance refunding before call date, can issue new bond issuance, make payments, can move forward before call date. Terry - subject to arbitrage? Jay - on construction fund, debt service reserve fund & debt service fund. zero out debt service fund fine. intent because of general obligation of city, would try to move forward, no point in issuing additional $1 million. |
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5. ORDINANCES - None
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6. PUBLIC FORUM
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7. DISCUSSIONS/REPORTS - None
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8. MISCELLANEOUS
Action(s):
No Action(s) have been added to this Agenda Item.
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