Item Coversheet

ASSEMBLY AGENDA/MANAGER'S REPORT
THE CITY AND BOROUGH OF JUNEAU, ALASKA

Ordinance 2021-15 An Ordinance Amending Ordinance Serial No. 2020-21 Regarding the Proposed Refinancings by the Alaska Municipal Bond Bank of Various General Obligation and Revenue Bonds of the City and Borough Authorized Thereunder.

MANAGER'S REPORT:

This ordinance amends Ordinance 2020-21 (adopted May 2020), which authorized CBJ's participation in the Alaska Municipal Bond Bank’s (AMBBA) refunding of multiple bond issues: 2013 Bartlett Hospital Refunding, 2013 GO CIP, and 2015 Cruise Ship Dock Expansion bonds. The refundings authorized by Ordinance 2020-21 were not completed prior to AMBBA discontinuing services in 2020. However, now that AMBBA has reestablished their services, the refundings can move forward by amending the original ordinance.

 

The current remaining debt service payments (bonds + interest) total approximately $47.5 million dollars.  AMBBA is proposing a partial Exchange refunding based on various scheduled maturities that show substantial cost savings.  Approximately $18.4 million in debt principal will be refinanced.  In March 2021, AMBBA has estimated savings to CBJ of approximately $1.4 million in a partial Exchange refunding. 

 

The bond refunding transaction will not extend the term of the bonds.

RECOMMENDATION:

The City Manager recommends the Assembly introduce this ordinance and set it for public hearing at the next regular Assembly meeting.

ATTACHMENTS:
DescriptionUpload DateType
Ordinance 2021-153/31/2021Non-Code Ordinance