Laserfiche WebLink
RFP No. 21-025 <br />EXHIBIT B <br />Consider Pension Debt Refinancing and Policy <br />February 2, 2021 <br />Page 8 <br />If the City obtains its court validation in less than six (6) months, the City could sell its <br />bonds sooner than November 2021. <br />FISCAL IMPACT <br />Based on current market conditions, the City could save $3.8 million annually by <br />refinancing 90% of the pension debt. If the City Council directs staff to proceed with <br />refinancing the pension debt, staff and the City's hinancial Advisor will provide updated <br />savings estimates with each future staff report. <br />EXHIBIT(S) <br />1. Memorandum dated December 10, 2020 from Michael Busch, CEO of Urban Futures <br />Inc. to Kathryn Downs (the Feasibility Analysis from City's Financial Advisor) <br />2. Proposed Unfunded Employee Pension Liability Cost Reduction Policy <br />Submitted By: <br />Kathryn Downs, Executive Director Finance and Management Services <br />Approved By: Kristine Ridge, City Manager <br />City Council 23 — 40 5/18/2021 <br />