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Item 1.J.
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| City Council Regular | |
| Date: | 06/28/2021 |
| Title: | Authorizing the Issuance and Calling for a Negotiated Sale for Pooled SID Bonds |
| Presented by: | Teri Walker |
| Department: | Finance |
| Presentation: | No |
RECOMMENDATION
Staff recommends the City Council approve the resolution authorizing the issuance and negotiated sale for SID 1418, SID 1417, and SID 1416,
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
The City will be selling bonds to finance three construction projects. Council approved the bid award for Special Improvement District 1417 on 5/28/2021 to construct street, curb and gutter, water, landscaping, streetlights, and storm drain improvements on Elysian Road and streetlights in Annafeld North 1st Filing and Annafeld 3rd Filing. Special Improvement District 1416 shall construct street, curb and gutter, water, sanitary sewer, and storm drain improvements on Gleneagles Boulevard. Council approved the bid award on 6/14/2021.
Special Improvement District 1418 is on the agenda tonight for the construction bid approval.
Approval of this resolution will authorize staff to issue up to $3,040,000 in bonds to cover the cost of construction.
Special Improvement District 1418 is on the agenda tonight for the construction bid approval.
Approval of this resolution will authorize staff to issue up to $3,040,000 in bonds to cover the cost of construction.
ALTERNATIVES
City Council may:
- Approve; or,
- Not approve the resolution and find alternative financing
FISCAL EFFECTS
The properties in the Districts will be assessed for the principal and interest costs of the bonds. The total amount issued will be $3,040,000, will not have an interest rate greater than 4.50%, and will not exceed 15 years. Actual interest rates will be known at the time of signing the bond purchase agreement.