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Item 1.M.
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| City Council Regular | |
| Date: | 06/27/2022 |
| Title: | Bond Resolution for Pooled Series 2022 Sidewalk Bonds |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | No |
| Legal Review | Not Applicable |
RECOMMENDATION
Staff recommends City Council approve the bond resolution for WO 20-02, WO 20-15, WO 20-28, WO 21-12, and WO 21-25.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
On April 25th, 2022, the City Council approved a resolution authorizing the issuance and calling for a negotiated sidewalk bond sale for WO 20-02, WO 20-15, WO 20-28, WO 21-12, and WO 21-25. Once the resolution has been approved, the closing will take place and the bond proceeds will be disbursed to the construction funds.
ALTERNATIVES
There are no viable alternatives because an agreement has been made with Rocky Mountain Bank to purchase the bonds.
FISCAL EFFECTS
The term on the bonds is 12 years with an interest rate of 5.50%. The properties owners identified in the sidewalk creation documents will be assessed for the principal and interest cost of the bonds on their property tax bills.