Ordinance 07-22
To: Members of Dublin City Council
From: Dana McDaniel, City Manager
Date: March 1, 2022
Initiated By: Matthew L. Stiffler, Director of Finance
Re: Providing for the Issuance of Bonds and Refinancing of Existing Debt
Background
Ordinance 07-22 authorizes the issuance of bonds totaling $2,850,000 for the purpose of refinancing
existing debt to reduce the City’s future interest costs.
The City’s municipal advisor BakerTilly estimates the potential savings of refunding the existing
bonds at $200,000 through 2032. This value represents a potential present value savings of 7.8%.
The City’s debt policy specifies:
Office of the City Manager
5555 Perimeter Drive • Dublin, OH 43017-1090
Phone: 614.410.4400 • Fax: 614.410.4490 Memo
Memo re. Providing for the Issuance of Bonds and Refinancing of Existing Debt
March 1, 2022
Page 2 of 2
The City’s policy is consistent with Government Finance Officers Associations (GFOA) best practice
on debt refinancing. These bonds were issued in 2012 and based on the metrics outlined above are
an excellent opportunity for the City to reduce future interest costs.
The expectation is that staff will engage with the one rating agency regarding these bonds in early
April with pricing to occur in late April and closing to occur around May 10th. This timeline is in
accordance with the 2012 bond refinancing guidelines which do not allow it to occur more than 90
days prior to June 1st.
Recommendation
Staff recommend approval of Ordinance 07-22 at the second reading/public hearing on March 21,
2022.