Regular 6.A.
Regular City Council Meeting
- Meeting Date:
- 03/28/2011
- TITLE
- Resolution Granting Approval of Rocky Mountain College Revenue Bonds
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
On February 28, 2011, the council called for a public hearing and the issuance of revenue bonds to finance the costs of acquisition, construction and installation of energy efficiency improvements located on Rocky Mountain College campus.
The estimated cost of the project is $2,610,868. The borrower will enter into a performance contract with Johnson Controls to complete the project. The estimated energy savings is $4,165,490 over a 16 year period.
Based on the public hearing on March 28, 2011, the council gives approval of the project and authorizes the issuance of the bonds.
ALTERNATIVES ANALYZED
The Council may:
- Approve the resolution; or
- Not approve resolution.
FINANCIAL IMPACT
The bonds are special, limited obligations of the City and do not create financial liability for the City or create a charge against its general credit or taxing powers. Rocky Mountain College will pay for any costs incurred by the City in connection with the sale.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution.