Consent 1.O.
Regular City Council Meeting
- Meeting Date:
- 04/09/2012
- TITLE
- Resolution Fixing the form and detail of SID 1392
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
In August, the Council approved the issuance of a bond anticipation note to finance Special Improvement District (SID) 1392. Those funds are being used to construct Yellowstone Family Park. The City entered into negotiations for the sale of bonds with DA Davidson to repay the amount drawn on the note and to fund the remaining cost of constructing the park.
This resolution outlines the bond terms. The final numbers for the bond sale will be inserted after the pricing and provided to the City Council prior to the meeting. The amount of bonds will not exceed $1,260,000.
This resolution outlines the bond terms. The final numbers for the bond sale will be inserted after the pricing and provided to the City Council prior to the meeting. The amount of bonds will not exceed $1,260,000.
ALTERNATIVES ANALYZED
Council may:
- Approve the resolution
- Not approve the resolution
FINANCIAL IMPACT
After the council approves the resolution, the bond closing will take place.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution setting the form and terms for the SID 1392 bonds.