Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 21-R106, Authorizing the Issuance of Capital Improvement and Refunding Revenue Bonds, Series 2021 Not to Exceed $55,000,000 for Various Capital Improvements and Refunding the City's Outstanding Sales Tax Refunding Revenue Bonds, Series 2011 and Pledge Certain Proceeds of the Half-Cent Sales Tax and Revenue Sharing to Secure the Payment of Principal.
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Submitted By: Jeff Snyder, CFO, Financial Management Dept.
Strategic Plan Link: The City's Goal of high-quality infrastructure and facilities.
Executive Summary (General Business): The City's rapid growth is requiring investment in a new public works building, a state-of-the-art police training facility, two regional parks, a synchronized traffic light system, and to refund outstanding Sales Tax Refunding Revenue Bonds, Series 2011. Staff is recommending refunding to strengthen our financial position, hopefully to improve our bond ratings. The money received from this bond issue will provide funds to acquire, construct, and equip certain capital improvements to improve and maintain the health, safety, and welfare of our citizens.
Presentation Information: Presentation provided on first reading of bond ordinance will be provided again if desired. Jeff Snyder, CFO, will be available to answer questions. Also available will be our Financial Advisor, Jay Glover, PFM, and our Bond Attorney, Steve Miller, Esq., Nabors, Giblin & Nickerson, P.A. to answer any questions City Council may pose.
Staff Recommendation: Move that the Council approve the resolution to allow staff to move forward and issue bonds for the Capital Improvements and refunding current bonds.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the resolution to allow staff to move forward and issue bonds for the Capital Improvements and refunding current bonds.
2. Move that the Council provide staff direction.
Background: The...
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