Consent 1.K.
Regular City Council Meeting
- Meeting Date:
- 01/14/2019
- TITLE
- Resolution Authorizing the Issuance and Public Sale of Series 2019 Solid Waste Revenue Bonds
- Department:
- City Hall Administration
Presentation:
No
PROBLEM/ISSUE STATEMENT
The City will be selling bonds to fund the design, construction and installation of a transfer station at the landfill that will compact trash. A new landfill maintenance building and a new scale plaza will also be constructed. The bonds will be offered and sold at a public competitive sale. The bids will be opened and tabulated on January 28, 2019. The winning bid will be presented to Council at the meeting that night.
ALTERNATIVES ANALYZED
City Council may:
- Approve this resolution and proceed with a public sale for the bonds or;
- Disapprove and find another funding source for the construction project
FINANCIAL IMPACT
The interest rate will be determined by the winning bid on January 28.
RECOMMENDATION
Staff recommends approving the resolution authorizing and calling for a public bond sale to fund the solid waste construction project.