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Update of 2004 Water <br />System Bonds Issuance <br />August 5, 2014 <br />Page 3 <br />Stifle indicated that the AA rated issuance even competed with AAA rated bonds in the <br />oversubscribed years which is rarely achieved. It demonstrates an affirmation by the market of the <br />City's work on strengthening its financial position and its commitment to building a strong water <br />system. <br />The final result demonstrated a successful outcome. Overall it locked the City's overall borrowing <br />cost at 2.96 %. It will save the enterprise operations over $150,000 annually over the next ten <br />years and by extending the bonds seven additional years will provide $5.9 million in additional <br />money for capital projects. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item allows the City to meet Goal #4 City Financial Stability, Objective #2 (provide <br />a reliable five -year financial forecast that ensures financial stability in accordance with the strategic <br />plan) Strategy D (conduct an assessment of the City's debt and refinancing options to achieve <br />savings). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Francisco Gutierrez <br />Executive Director <br />Finance and Management Services Agency <br />3 -3 <br />