Consent 1.P.
Regular City Council Meeting
- Meeting Date:
- 08/13/2012
- TITLE
- Resolution Fixing the form and detail of the pooled Sidewalk Series 2012
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
On June 11, the City Council approved issuing bonds and a private neotiated sale for two sidewalk projects, WO 11-02, Miscellaneous/Developer-Related Improvements and WO 09-11, Rimrock Road Improvements. The City has been working with DA Davidson regarding the purchase and sale of the bonds. The net interest rate for the bonds is 3.25% for twelve years.
ALTERNATIVES ANALYZED
Upon approval of the resolution, the City and DA Davidson will proceed with the sale of the bonds. If the Council does not approve the resolution there would be a delay in the closing and receiving the bond proceeds, which could lead to the inability to timely pay the contractor and stopping or slowing project completion.
FINANCIAL IMPACT
The debt service payment will be made from the assessments on the affected properties.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution setting the form and terms for the Series 2012 Pooled Sidewalks Bonds.