Regular 9.
Regular City Council Meeting
- Meeting Date:
- 09/23/2013
- TITLE
- Fixing the form and detail of Pooled Sidewalk Series 2013
- PRESENTED BY:
- Pat Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
The City has been working with Montana Municipal Cooperative, a partnership of investors based in Bozeman MT, on the bond sale for pooled Sidewalk bonds Series 2013. A bond purchase agreement between the City of Billings and Montana Municipal Cooperative was signed on September 5, 2013. This resolution outlines the form and detail for the bonds
ALTERNATIVES ANALYZED
This is the final step of the bond sale. The terms of the sale and bonds were agreed upon with the bond purchase agreement. This resolution provides further detail of that agreement. Once council approves this resolution, the closing will take place on October 15 and the funds will be disbursed to the projects.
FINANCIAL IMPACT
The term of the bonds is 12 years with a true interest rate of 4.5%.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution.