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Item 1.M.
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| City Council Regular | |
| Date: | 07/12/2021 |
| Title: | Bond Resolution for Pooled SID Bonds |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | No |
RECOMMENDATION
Staff recommends the City Council approve the bond resolutions for SID 1418, SID 1417, and SID 1416.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
On June 28, 2021, City Council approved a resolution authorizing the issuance and calling for a negotiated bond sale for SIDs 1418, SID 1417, and SID 1416. A bond purchase agreement has been signed between the City of Billings and First Interstate Bank on June 30, 2021. Once the resolutions have been approved, the closing will take place on July 28th and the bond proceeds will be disbursed to the construction project funds.
ALTERNATIVES
There are no viable alternatives because the City has signed a bond purchase agreement.
FISCAL EFFECTS
The term of both bonds will be 15 years. The interest rate will be 4.05% for Series 2021A and 3.10% for Series 2021B. The property owners identified in the creation documents will be assessed yearly on their property tax bill.