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Item 7FCity of Southlake, Texas MEMORANDUM TO: Shana Yelverton, City Manager FROM: Sharen Elam, Director of Finance Ext. 1713 SUBJECT: Resolution No. 05 -017, Consider all matters incident and related to the issuance and sale of "Southlake Parks Development Corporation Sales Tax Revenue Refunding Bonds, Taxable Series 2005," including the adoption of a resolution relating thereto Action Requested: Approval of Resolution No. 05 -017 authorizes the issuance and sale of Southlake Parks Development Corporation Sales Tax Revenue Refunding Bonds, Taxable Series 2005. Background Information: City staff and our financial advisor have continued to monitor the market to ensure that we capitalize on any refunding opportunities. Based on the current market, it would be advantageous for the city to refund the bonds noted. The refunding will result in saving approximately $27,406 in debt service payments and further provide present value savings of approximately $25,110. The savings is not as significant as the other SPDC refunding but it was necessary to include this bond issue to complete the total refunding package. The SPDC certificates are issued and approved by adoption of resolution. Approval of Resolution No. 05 -017 will set in motion the legal requirements to obtain the proceeds to refund the bonds. After approval, the legal documents must be reviewed by the Texas Attorney General's Office. SPDC Board will hold a meeting prior to March 15, 2005 City Council meeting for their approval of the bond refunding. SPDC would redeem the outstanding bonds in mid to late April. Financial Considerations: The bonds will be repaid through the half cent sales tax. Citizen Input/ Board Review: The Public Hearing is scheduled for March 15, 2005. Legal Review: The law firm Fulbright and Jaworski serves as the City's bond counsel, and as such has prepared the Resolution. Alternatives: None Supporting Documents: Resolution will be forwarded under separate cover via e -mail later in the week. Staff Recommendation: Approval of Resolution No. 05 -017.