Regular 2.
Regular City Council Meeting
- Meeting Date:
- 08/11/2014
- TITLE
- Bond Resolution for Pooled Sidewalk Series 2014
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
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 2014. A bond purchase agreement between the City of Billings and Montana Municipal Cooperative was signed on July 17, 2014. This resolution outlines the form and detail for the bonds
The terms of the bond 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 August 15 and the funds will be disbursed to the project.
The terms of the bond 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 August 15 and the funds will be disbursed to the project.
ALTERNATIVES ANALYZED
Upon approval of the resolution, the City and Montana Municipal Cooperative will proceed with the bond closing. If the Council does not approve the resolution there would be a delay in the closing and receiving the bond proceeds and staff would seek direction from the Council on how to proceed with project financing.
FINANCIAL IMPACT
The debt service payment will be made from the assessments on the affected properties.
RECOMMENDATION
Staff recommends that City Council approve the bond resolution for pooled sidewalk bonds Series 2014.