Consent 1.L.
Regular City Council Meeting
- Meeting Date:
- 05/14/2012
- TITLE
- Resolution Authorizing the Issuance and Sale of General Obligations Library Bonds
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
On November 8, 2011, the voters authorized the City to issue and sell general obligation bonds for the purpose of paying the costs of constructing and equipping a new library building.
The City has been working with DA Davidson on selling the bonds. DA Davidson is the lead underwriter at 70% of the bond amount with Piper Jaffray as the underwriter of 30% of the bond amount. This resolution authorizes a private negotiated sale and outlines the terms and the pricing of the bonds.
After the Council approves the resolution, a bond purchase agreement will be executed.
The City has been working with DA Davidson on selling the bonds. DA Davidson is the lead underwriter at 70% of the bond amount with Piper Jaffray as the underwriter of 30% of the bond amount. This resolution authorizes a private negotiated sale and outlines the terms and the pricing of the bonds.
After the Council approves the resolution, a bond purchase agreement will be executed.
ALTERNATIVES ANALYZED
Council may:
- Approve the resolution
- Not approve the resolution
FINANCIAL IMPACT
The debt service payments will be assessed to property owners starting November 2012.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution authorizing the issuance and sale of the Library general obligation bonds.