Summary Sheet- RFCA SUMMARY
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CITY OF TEMPE Meeting Date: 4/16/2026 REQUEST FOR COUNCIL ACTION Agenda Item: 8B3 ACTION: PUBLIC HEARING ITEM Introduce and hold the first public hearing to adopt an ordinance authorizing and providing issuance and sale of City of Tempe, Arizona Excise Tax Revenue Refunding Obligations, in one or more series, and related documents; authorizing the redemption in advance of maturity of certain outstanding obligations; and authorizing the taking of all other necessary actions contemplated by this Ordinance. The second and final public hearing is scheduled for April 30, 2026. (Ordinance No. O2026.16) FISCAL IMPACT: Based on current estimated interest rates, the refundings are estimated to save the City approximately $695,000 on a net present value basis, or 6.71% over the life of the refinancing. RECOMMENDATION: Adopt Ordinance No. O2026.16. BACKGROUND INFORMATION: The proceeds from Excise Tax Revenue Refunding Obligations will be used to refund the city’s outstanding Excise Tax Revenue Obligations, Series 2016 and must result in net present value debt service savings, net of all issuance costs, of not less than 2%. Based on current estimated interest rates, the refunding is estimated to save the City approximately $695,000 on a net present value basis or a 6.71% over the life of the refinancing. The Ordinance authorizes the Deputy City Manager - Chief Financial Officer to execute all necessary documents to execute the sale and issuance of Excise Tax Revenue Refunding Obligations. RBC Capital Markets, the City’s bond investment bankers, and Greenberg Traurig, LLP the City's bond counsel, have reviewed and approved the attached Resolution and related documents. The sale of the bonds is anticipated to occur in May 2026. ATTACHMENTS: 1. TEMPE ETO REF 2026 - APPROVING ORDINANCE.DOCX 2. TEMPE ETO REF 2026 - PURCHASE AGREEMENT.DOCX 3. TEMPE ETO REF 2026 - TRUST AGREEMENT.DOCX 4. TEMPE ETO REF 2026 - FORM OF CONTINUING DISCLOSURE UNDERTAKING.DOCX STAFF CONTACT(S): Laura Calder, Financial Services Director, (480) 350-8504 Department Director: Laura Calder, Financial Services Director Legal review by: Eric Anderson, City Attorney Prepared by: Laura Calder, Financial Services Director