Yuma council to mull bonds for police and fire pensions
City officials to hold special meeting on Tuesday
The Yuma City Council will hold a special meeting on Tuesday to discuss the debt owed by the city for public safety pensions as mandated by the state.
The council will consider authorizing City Administrator Phil Rodriguez and the staff to work with bond underwriter Stifel, Nicolaus and Co. and bond counsel Greenberg Traurig in connection with refinancing of the city’s Public Safety Personnel Retirement System unfunded liabilities and refinancing of the city’s Series 2010B bond.
Final bond documents would be brought forward by ordinance at a later council meeting.
Fully funding the city’s unfunded liability with PSPRS will maximize earnings in the pension system while levelling out the city’s debt payments at a predicted lower interest rate. This would provide millions of dollars in savings over the course of the next 19 years, a staff report stated.
Due to the historically low interest rate environment, officials are also considering refinancing the city’s outstanding Series 2010B revenues bonds, resulting in an estimated savings of over a million dollars throughout the next five years, after which the bond will be retired, the report said.
The meeting, which starts at 3:30 p.m., will be open with limited public access in the City Hall Council Chambers, 1 City Plaza. The meeting can also be viewed remotely with participation through Zoom.
Those wishing to speak at the public hearing or on any agenda item via Zoom must submit an email request to publiccomment@ yumaaz.gov an hour prior to the start of the meeting. To view the meeting through Zoom, residents will need to go to https:// cityofyuma.zoom.us/, click on “Calendar,” then select the meeting and click “Join.”
The meeting can also be viewed live through the Video and TV Stream quick link at www.yumaaz. gov by searching for Yuma Live Playlist 73 or on TV cable channel 73. A recording of the meeting will be available on the city’s website usually the following day.