HomeMy WebLinkAboutFwd SP Bond Rating and Status of Bonds---------- Forwarded message ----------
From: Mike McGinness <mmcginness@mcginness-shaw.com>
Date: Fri, 26 Oct 2012 14:45:13 -0500
Subject: RE: S&P Bond Rating and Status of Bonds
To: Donald p Coleman <colemanheavyconst@yahoo.com>
Cc: Jeffrey W Goodwin <jeffg@completehomeconcepts.com>, Richie
Benninghoven <rcb@usckc.com>, Ron Super <rsuper@kc.rr.com>, Brent
Miles <bmiles@northpointkc.com>
Don,
I agree with your thoughts. We have the answers to the questions we were
asking on the bonds.
I will contact Wes Maxwell with FM Global and invite him to the Nov. 14th
meeting. Thank you.
Mike
_____
From: Donald p Coleman [mailto:colemanheavyconst@yahoo.com]
Sent: Friday, October 26, 2012 2:14 PM
To: RQLD Mike McGinness
Subject: Fw: S&P Bond Rating and Status of Bonds
Mike:
I am not sure what he could tell us that he hasn't already said in the
letter. Maybe a little early for a presentation. Should we schedule him for
the January 2017 meeting?
Don P Coleman
816-916-8383
----- Forwarded Message -----
From: Connie Rawlings <crawlings@mcginness-shaw.com>
To: 'Brent Miles' <brent@northpointkc.com>; Donald p Coleman
<colemanheavyconst@yahoo.com>; Jeff Goodwin
<jeffg@completehomeconcepts.com>; Richie Benninghoven <rcb@usckc.com>; 'Ron
Super' <rsuper@kc.rr.com>
Sent: Friday, October 26, 2012 12:48 PM
Subject: FW: S&P Bond Rating and Status of Bonds
Board Members:
I have been working with Carl Ramey from Stifel Nicolaus and
Mike Duffy to provide a substantial amount of information to Standard and
Poor's in connection with the review of the BBB rating on the Levee District
bonds. I also have talked with Carl Ramey about the refinancing of the
Series 2006 Levee District bonds.
Mr. Ramey called me yesterday to inform me that Standard and
Poor's had continued the current BBB rating. Mr. Ramey also advised me that
the Levee District bonds are not eligible for refinancing on a tax-exempt
basis until March 1, 2017. I requested Mr. Ramey to send me an email
addressing both the bond rating and the refinancing of the bonds. I am
forwarding herewith Mr. Ramey's email report and information on both these
matters.
Please review the email from Mr. Ramey and contact me if you
have any questions. Mr. Ramey offered to drive in from St. Louis to attend
our November 14th Board meeting if the Board wished to personally discuss
any of these matters with him. I would appreciate your responding with your
position on Mr. Ramey's offer to attend the Board meeting.
Thank you.
Michael McGinness
From: Mike McGinness [mailto:mmcginness@mcginness-shaw.com]
Sent: Friday, October 26, 2012 11:00 AM
To: Connie Rawlings
Subject: FW: S&P Bond Rating and Status of Bonds
Please forward this to the Board members with the memo I dictated. Thank
you.
Mike
From: Ramey, Carl [mailto:rameyc@stifel.com]
Sent: Thursday, October 25, 2012 3:20 PM
To: ' Mike McGinness '
Cc: Czajkowski, Peter (Public Finance)
Subject: S&P Bond Rating and Status of Bonds
Mike,
I wanted to report to you and the Levee District Board that S&P has
concluded their surveillance review of their rating of the Levee District's
Series 2006 Improvement and Refunding Bonds. They reaffirmed their prior
rating of a BBB. Thanks to both Mike McGinness and Mike Duffy of the City
for their responses to many questions posed by the rating agency. They were
timely, well thought out and presented. While much has changed in the
district since S&P's last review it did not move them to change their
underlying rating. I think we all believe as greater diversification of
property owners occur the likelihood of an improved credit rating is
possible. In the meantime, the levee protection the district is providing
the community is key to its transformation.
We continue to monitor the district's Series 2006 Bonds. With interest
rates now at an even more historic low level, the question was raised as to
whether it was possible to refund these bonds at a lower interest rate for
savings. Unfortunately the Series 2006 bonds were an advance refunding of
the Series 2001 Levee District Bonds. As such, they are not eligible for
refinancing on a tax-exempt basis until the next Optional Redemption period,
or what is often referred to as the call date, which in this case is, March
1, 2017. We will continue to monitor the market and your bonds, sharing
with you any opportunities that may arise for savings.
If you should have any questions, please do not hesitate contacting me .
And of course, if you would like me to meet with you to answer any
questions, I would be more than happy to do so at anytime.
Best regards,
Carl
Carl E. Ramey
Senior Vice President - Public Finance
Stifel, Nicolaus & Company, Incorporated
501 North Broadway, 8th Floor
St. Louis, Missouri 63102
(T): (314) 342-2242
(M): (314) 578-0638
(F): (314) 342-2179
E:mail: <mailto:rameyc@stifel.com> rameyc@stifel.com
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