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File #: [18-0239]    Version: 1 Name:
Type: Discussion Item Status: Passed
File created: 3/4/2018 In control: Town Council
On agenda: 3/21/2018 Final action: 3/21/2018
Title: Consider Adopting a Resolution for the Sale of $12.5 million of 2015 Public Improvement General Obligation Bonds.
Attachments: 1. Staff Memorandum, 2. Resolution, 3. Staff Presentation, 4. Council Questions with Staff Response, 5. A RESOLUTION AUTHORIZING THE SALE OF PUBLIC IMPROVEMENT GENERAL OBLIGATION BONDS (2018-03-21/R-3)
Related files: [22-0486]

Consider Adopting a Resolution for the Sale of $12.5 million of 2015 Public Improvement General Obligation Bonds.

Kenneth C. Pennoyer, Director
Business Management
Amy Oland, Assistant Director

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.

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:

Create a Place for Everyone

Develop Good Places,
New Spaces

Community Prosperity

Nurture Our Community

Facilitate Getting Around

Grow Town
and Gown Collaboration


* Staff Memora...

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