Consent 1.J.
Regular City Council Meeting
- Meeting Date:
- 06/22/2020
- TITLE
- Bond Resolution for Pooled Special Improvement District Bonds
- PRESENTED BY:
- Andy Zoeller
- Department:
- Finance
RECOMMENDATION
Staff recommends the City Council approve the bond resolution for pooled Special Improvement District bonds series 2020 contingent on the approval of SID 1408, SID 1410 and SID 1413 construction bid awards,
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
The City has been working with Rocky Mountain Bank on financing the pooled Special Improvement District (SID) bonds to finance the construction of SIDs 1408, 1410 and 1413. SID 1408 will install street, storm drain, curb and gutter and sidewalk improvements in Wanigan Subdivision. SID 1410 will install streetlights, playground equipment and construct trails in Annafeld Subdivision. SID 1413 is intended to construct water, sanitary sewer, storm drain, curb and gutter, sidewalk, and street improvements within Lake Hills Subdivision.
Once the resolution has been approved, the closing will take place and the bond proceeds will be disbursed to the construction project funds.
Once the resolution has been approved, the closing will take place and the bond proceeds will be disbursed to the construction project funds.
ALTERNATIVES
City Council may:
- Approve the bond resolution for pooled Special Improvement District bonds series 2020, or;
- Disapprove the resolution which would delay the three construction projects.
FISCAL EFFECTS
The term of the bonds is 15 years with an interest rate of 2.76%. The property owners identified in the SID creation documents will be assessed yearly on their property tax bill, or have the option to pay the assessment in full.