Consent 1.O.
Regular City Council Meeting
- Meeting Date:
- 09/10/2012
- TITLE
- Resolution Fixing the form and detail of the Special Improvement District 1393
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
On July 9th, the City Council approved issuing bonds and a private negotiated sale for Special Improvement District (SID) 1393, which is located in Fritz Subdivision in the Heights. The City has been working with Montana Municipal Cooperative regarding the purchase and sale of the bonds. The net interest rate for the bonds is 4.25% for fifteen years.
ALTERNATIVES ANALYZED
Upon approval of the resolution, the City and Montana Municipal Cooperative 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 SID 1393.