Consent 1.K.
Regular City Council Meeting
- Meeting Date:
- 01/25/2021
- Title
- Authorizing the Issuance and Calling for a Negotiated Sale for Sidewalk Bonds
- Presented by:
- Andy Zoeller
- Department:
- Finance
RECOMMENDATION
Staff recommends that the City Council approve the resolution authorizing a negotiated bond sale for W.O. 19-02 and W.O. 19-35.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
The City will be selling bonds to finance two sidewalk constructions projects. Council approved the bid award for W.O. 19-35 for installing curbing and reconstructing the non-maintainable Metal Streets at their 5/11/2020 meeting. These streets were not in the street preventative maintenance program and this project will allow them to be in the program. W.O 19-02 is the Missing Sidewalk Project that constructed sidewalk, curb and gutter, drive approaches and alley approaches throughout the city. The bid award for WO19-02 was approved by City Council at their 5/28/2019 regular city council meeting.
ALTERNATIVES
City Council may:
- Approve the resolution, or;
- Disapprove the resolution and find another funding source.
FISCAL EFFECTS
The cost of issuing bonds is assessed to the property owners within the district. Individual financial impact will be determined after the bond sale, and is based upon the negotiated interest rate. The interest rate will be determined during the negotiations.