Title
Resolution Authorizing the Issuance of General Obligation Public Improvement Refunding Bonds of the City Of Hampton in the Maximum Principal Amount Not to Exceed $23,100,000 to Refund the City’s General Obligation Public Improvement and Refunding Bonds, Series 2010A (Tax-Exempt) Previously Issued by the City, and Providing for the Form, Details and Payment of Such Bonds
Purpose
PURPOSE/BACKGROUND:
The City issued a Request for Proposal for refinancing existing debt with the assistance of Davenport & Company, LLC ("Davenport"), which serves as financial advisor to the City. The purpose of the resolution is to authorize the issuance of certain refunding bonds, as well as to delegate authority to the City Manager, in consultation with the Director of Finance and Davenport, to select the best respondent and authorize the sale of the bonds.
Discussion:
Davenport distributed that certain Request for Proposals (the “RFP”) dated February 22, 2019, on behalf of the City to refinance for savings purposes the City’s General Obligation Public Improvement and Refunding Bonds, Series 2010A (Tax-Exempt) (the “2010A Bonds”). The new bond issue will be referred to as General Obligation Public Improvement Refunding Bonds (the "Bonds”). The Bonds will be issued to prepay the outstanding principal and accrued interest components of the 2010A Bonds to the closing date (anticipated to be April 29, 2019); and, to pay the costs associated with the transaction. The Bonds will be a general obligation of the City of Hampton for which its full faith and credit will be irrevocably pledged to its payment. The respondents were expected to provide proposals to fund up to the total requested amount of the Bonds.
Thirteen responses to the RFP were received. Davenport will present its analysis of those proposals and staff will request your approval. Bank of America's response provided the greatest amount of debt service savings currently calculated at approximately $609,4...
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