Consent 1.F.
Regular City Council Meeting
- Meeting Date:
- 07/11/2011
- TITLE
- Authorizing the Issuance and Calling for a Negotiated Sale for Sidewalk Bonds
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
Two sidewalk projects, WO 05-13, Jackson Street Phase II and WO 09-02, Miscellaneous and Developer-Related will be pooled together for a bond sale. The total amount of the bond will be approximately $494,000. Because of the current market conditions, a small non-rated bond will not attract bidders in a public sale. A negotiated bond sale is recommended by the City's financial advisors. Upon approval of the resolution, the negotiations can proceed for the sale of the bonds.
ALTERNATIVES ANALYZED
The Council may:
- Approve the resolution; or
- Not approve the resolution and delay construction on the projects until next year so that other sidewalk projects' bonds can be pooled with this one.
FINANCIAL IMPACT
Debt service payments on the bonds will be provided through special assessments on the improved properties.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution that authorizes a negotiated bond sale for the indicated sidewalk projects.