Meeting Time: May 26, 2020 at 5:30pm PDT

Agenda Item

2.1. SEWER DEBT REFINANCING PRESENTATION NHA Advisors will provide a brief presentation regarding the process of refinancing the 2008 State of California Clean Water State Revolving Fund Debt. (Report - Scott Dowell, Administrative Services Director)

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    Misha Wallace 11 months ago

    Based on estimated savings of $125k per year, that's not quite the 5% savings price tag as represented in slides. Typically financing rates are dependent on credit ratings, the $25k price tag for a S&P rating the city receives is a known cost with an unknown result. Rating driving savings, all of these are unknowns. Could be hidden additional costs such as legal review required down the road before execution of the refi, and other delays. Rates are low yes, but 2.4% is already low! 1% savings?

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    Yvonne Johnson 11 months ago

    I have a couple of questions. I wondered if Chico City's credit is worthy of $25,000 credit check? This is non-refundable if we are not approved. Also, I noted that in the documents it states that the loan could be recalled at any time. Is this a good idea for us to take out a loan under this condition?