Consent 1.P.
Regular City Council Meeting
- Meeting Date:
- 09/10/2012
- TITLE
- Resolution Fixing the Form and Detail for Series 2012 DNRC Bond
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
On July 9, 2012, theCity Council authorized a loan application for the issuance of Department of Natural Resources and Conservation (DNRC) bonds to finance the construction of an additional storage reservoir in Zone 3 East in the Heights. This reservoir will help meet current storage deficits and support ongoing growth in that area. This resolution authorizes the issuance and fixes the terms and conditions of the bond.
ALTERNATIVES ANALYZED
After the council approves the resolution, the bond closing will take place.
FINANCIAL IMPACT
Department of Natural Resources and Conservation, through its Drinking Water State Revolving Fund Program, offers low interest loans that fund water projects with no closing costs. The project loan is $3,100,000 at 3% for 20 years.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution setting the form and terms for the DNRC bond.