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Consider Adopting a Resolution for the Sale of $12.5 million of 2015 Public Improvement General Obligation Bonds.
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Staff: |
Department: |
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Kenneth C. Pennoyer, Director |
Business Management |
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Amy Oland, Assistant Director |
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Overview: The Business Management Department is working on the issuance of $12.5 million of General Obligation (GO) bonds to fund various public improvements. The sale of GO bonds scheduled for April 3, 2018 will be the second issuance from the 2015 GO Bond Referendum authority. Council adoption of the attached resolution will, among other things, authorize the bond sale and approve the official offering statement.
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Recommendation(s): |
That the Council adopt the resolution authorizing the issuance of $12.5 million of 2015 GO referendum bonds.
Key Issues:
• The Local Government Commission (LGC) staff will conduct the sale, receive and evaluate bids and award the bonds based on the best bid received.
• The draft Official Statement is available in the Town Clerk’s Office for review by Council members or other interested parties.
Fiscal Impact/Resources: The bonds will be issued for a 20-year term for the following purposes and amounts:
• Streets & Sidewalks $5.5 million
• Parks Facilities 4.3 million
• Stormwater Improvements 2.7 million
Total $12.5 million
Annual debt service for the Streets & Sidewalks and Parks Facilities bonds will be paid from the Town’s Debt Management Fund. The Stormwater Improvements bonds will be repaid from the Stormwater Enterprise Fund. The estimated average annual debt service for the proposed bonds is as follows
• Debt Management Fund $675,000
• Stormwater Fund 186,000
Total $861,000
Where is this item in its process?
Council Goals:
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Create a Place for Everyone |
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Develop Good Places, New Spaces |
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Support Community Prosperity |
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Nurture Our Community |
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Facilitate Getting Around |
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Grow Town and Gown Collaboration |
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Attachments: |
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• Staff Memorandum |
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• Resolution |
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The Agenda will reflect the text below and/or the motion text will be used during the meeting. |
presenter
PRESENTER: Kenneth C. Pennoyer, Business Management Director
RECOMMENDATION: That the Council adopt the resolution authorizing the issuance of $12.5 million of 2015 GO referendum bonds.