Title
Second reading and adoption of an Ordinance authorizing the issuance and sale by the City of Rock Hill, South Carolina, of its Not Exceeding $4,100,000 General Obligation Refunding Bonds, in one or more series, for the purpose of refunding the City's $1,350,000 original principal amount General Obligation Bonds, Series 1997, and refunding a portion of the City's $5,500,000 original principal amount General Obligation Bonds, Series 2003; authorizing the issuance and sale of the City's Not Exceeding $1,800,000 General Obligation Bonds for the purpose of defraying the costs of a capital project; fixing the form and details of the bonds; authorizing the Mayor and the City Manager, to determine certain matters relating to the bonds; providing for the payment of the bonds and the disposition of the proceeds thereof; and other matters relating thereto.
Body
This item authorizes the issuance of General Obligation bonds to provide $1.8 Million in funding for the expansion of the Law Enforcement Center and up to $4.1 Million for the refunding of outstanding 1997 and 2003 General Obligation bonds.
The 10,700 square foot Law Enforcement Center addition will provide new office/meeting space and provide a new lobby area to be used by the Police Department and the Municipal Court. The expansion will make the Police Department and Municipal Court more efficient in their daily operations and will provide the needed space to more efficiently serve the growing Rock Hill community. This General Obligation debt will add approximately $27,000 in debt service for Fiscal Year 2012/13 and $121,000 in debt service per year thereafter.
Additional proceeds from the issuance will refund approximately $525,000 in outstanding 1997 General Obligation bonds and $3.365 million in outstanding 2003 General Obligation bonds. Annual savings from the refunding are projected to be approximately $40,000/year, with a total estimated savings of $350,000. Staff recommends approval of this ...
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