Staff recommends City Council approve the bond resolution for WO 23-02: Missing Sidewalk Improvements and WO 22-21: Brewington Drive Improvements.

On January 23, 2023, the Council approved the resolution ordering improvements identified in WO 23-02: Missing Sidewalk Improvements.  City Council approved the resolution ordering improvements identified in the WO 22-21: Brewington Drive Improvements on February 27, 2023.  The City has been working with Stockman Bank for the purchase of the bonds.  Once the resolution has been approved, the closing will take place and the bond proceeds will be disbursed to the construction accounts.  
 

There are no viable alternatives to funding this project, as the construction bids have been awarded, and the project has been budgeted with an anticipated bond sale. If not approved, staff would like clear direction as to what alternate financing sources are desired for this project.

The term on the bonds is 12 years with an interest rate of 4.75%.  The property owners identified in the documents ordering the improvements will be assessed for principal and interest cost of the bonds on their property tax bills.