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Item 1.L.
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| City Council Regular | |
| Date: | 05/24/2021 |
| Title: | Bond Resolution for Pooled Sidewalk Bonds |
| Presented by: | Teri Walker |
| Department: | Finance |
| Presentation: | No |
RECOMMENDATION
Staff recommends the City Council approve the bond resolution for pooled sidewalk bonds.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
On April 26, 2021, City Council approved a resolution authorizing the issuance and calling for a negotiated sidewalk bond sale for WO 19-02, WO 19-35 and WO 20-12. After receiving the construction bids for WO 20-12 it has been determined that the amount stated in the resolution calling for a negotiated sidewalk bond sale for that project exceeded the authorized dollar amount. WO 20-12 will be pulled from this sale and will be sold at a later date.
The total bond sale amount will now be $325,000, and only for WO 19-02 and WO 19-35.
Once the resolution has been approved, the closing will take place and the bond proceeds will be disbursed to the construction project fund.
The total bond sale amount will now be $325,000, and only for WO 19-02 and WO 19-35.
Once the resolution has been approved, the closing will take place and the bond proceeds will be disbursed to the construction project fund.
ALTERNATIVES
City Council may:
- Approve; or,
- Not Approve and find an alternative funding source
FISCAL EFFECTS
The term on the bond is 12 years with an interest rate of 3.19%. The property owners identified in the sidewalk creation documents will be assessed yearly on their property tax bill.