Consent 1.J.
Regular City Council Meeting
- Meeting Date:
- 02/23/2015
- TITLE
- Resolution Authorizing the Issuance of Series 2015 Storm Sewer Revenue Bonds
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The City will be constructing storm drain improvements in the east end industrial area and it is necessary to issue storm sewer revenue bonds to fund the project. Piper Jaffray and Company will be working with the City to issue and sell the storm sewer bonds.
This resolution allows the City to proceed with a negotiated sale with Piper Jaffray for the Series 2015 bonds, and sets the parameters for the bonds.
This resolution allows the City to proceed with a negotiated sale with Piper Jaffray for the Series 2015 bonds, and sets the parameters for the bonds.
ALTERNATIVES ANALYZED
The City Council may:
- Approve the resolution and proceed with the project and sale of the bonds; or
- Not approve the resolution and postpone the project while an alternate financing option is found.
FINANCIAL IMPACT
The financial impact will be determined after the bond sale.
RECOMMENDATION
Staff recommends that the City Council approve the resolution that authorizes the issuance and sale of the storm sewer bonds.