The City has been working with Boomer Oil and Gas on the Series 2016 sidewalk bonds.  A bond purchase agreement between the City of Billings and Boomer Oil and Gas  has been signed.  This resolution recaps the resolutions passed, notices,  and locations associated with this project.  The details of the bond are also set in the resolution.

This is the final step of the bond sale.  Once Council approves this resolution, the closing will take place on August 15, 2016 and the money will be disbursed to fund the project.

The term of the bonds is 12 years with an interest rate of 5%.  The improvements consist of sidewalk and curb and gutter work in various locations around the City.  The affected property owners will be assessed yearly on their property tax bill.

Staff recommends that the City Council approve the attached bond resolution, providing financing for the 2016 curb, gutter and sidewalk project.