Construction bids were taken last year for W.O. 18-02  This project was for construction of concrete sidewalks, curb and gutter, drive approaches, and alley approaches throughout the city.  The areas of work were developed by city staff recommendation, calls from the public, and identified tripping hazards. The City and Purinton Family Trust have signed a bond purchase agreement.     This resolution recaps the information in prior resolutions. 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 20, 2019 and the money will be disbursed to the project fund.

By doing a negotiated sale, the City eliminates the risk that the bonds may not be marketable in a public sale due to the relatively small size of the issue and it reduces the bond issuance costs. The term of the bond is 12 years with an interest rate of 5.0%.  The  property owners identified in the sidewalk creation documents will be assessed yearly on their property tax bill, or have the option to pay the assessment in full.   

Staff recommends that the City Council approve the attached bond resolution, providing financing for W.O. 18-02 Sidewalk Improvement District project.