HomeMy WebLinkAboutMinutes - Municipal Property Corporation Board - 2/28/2007 MINUTES OF THE
ORO VALLEY MUNICIPAL PROPERTY CORPORATION
SPECIAL MEETING
KACHINA CONFERENCE ROOM
11,000 N. LA CANADA DRIVE
FEBRUARY 28,2007
CALL TO ORDER: 4:00 p.m.
PRESENT: Tom Vetrano, Treasurer
Kent Russell
ALSO PRESENT: Stacey Lemos, Finance Director
Scott Ruby, Bond Counsel, Gust Rosenfeld
Mark Reader, Financial Advisor, Stone & Youngberg
Kathryn Cuvelier, Town Clerk
REVIEW AND DISCUSSION OF THE PROPOSAL TO ISSUE EXCISE TAX
REVENUE REFUNDING BONDS, SERIES 2007
Director StaceyLemos explained that the purpose of this study session is to brief
Finance .
MPC members of a proposed issuance of Town of Oro Valley Excise Tax Refunding
the p p
Bonds,
Series 2007 in an amount not to exceed $20,000,000. She explained that staff is
recommending the refundingbecause the market conditions of approximately 4.4% are
reco g o
lower than the current rates on the outstanding bonds, and the minimum 2% savings
threshold requirement is currentlyexpected to be met. It is proposed that the debt service
on the new bonds be structured to capture significant debt service savings in the Water
' ' Fund in the earlyyears, so that those funds may be used to help offset some of the
Utility
future costs of financing the delivery of CAP water to the Town of Oro Valley.
Ruby, representing the firm of Gust Rosenfeld explained the legal aspects of the
Scott p g
proposed transaction. Also, Mark Reader, representing the underwriting firm of Stone &
explained the financial aspects of the proposed refunding and distributed a 5
Youngberg,
year index Exempt showingTax Exem t Interest Rate Trends. He also distributed a summary of
Outstanding Excise Tax Revenue Debt as of January 1, 2007.
The next
meetingwill be held on March 14, 2007 at 2:30 p.m. to review and approve the
Resolution authoringthe Excise Tax Revenue Refunding Bonds, Series 2007. This
meeting will be held in the Kachina Conference Room.
ADJOURNMENT
A MOTION was made by Kent Russell to adjourn the special meeting at 4:40 p.m.
MOTION seconded by Tom Vetrano. MOTION carried 2—0.
02/28/07 Minutes,Oro Valley Municipal Property Corporation 2
Prepared by:
Kathryn E. Cuvelier, CMC
Town Clerk