Consent 1.N.
Regular City Council Meeting
- Meeting Date:
- 06/27/2011
- TITLE
- Bond Resolution of terms for a Bond Anticpation Note for Pooled SIDs 1369 & 1391
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The City has been working with Piper Jaffray on the refunding of bonds for Special Improvement District (SID) 1360 (Gable Road). It is cost effective for the City to pool Special Improvement District 1369 (Moore Lane) and Special Improvement District 1391 (Lynn Avenue) together with the refunding for Special Improvement District 1360.
The City has been approved for a State of Montana bond anticipation note for the construction of SID 1369 and 1391. Issuing a bond anticipation note will allow Public Works to proceed with these projects while Finance coordinates the pooled bond sale with Piper Jaffray.
The bond anticpation note will be paid off by bond proceeds when those bonds are issued.
The City has been approved for a State of Montana bond anticipation note for the construction of SID 1369 and 1391. Issuing a bond anticipation note will allow Public Works to proceed with these projects while Finance coordinates the pooled bond sale with Piper Jaffray.
The bond anticpation note will be paid off by bond proceeds when those bonds are issued.
ALTERNATIVES ANALYZED
The Council may:
- Approve the terms of the bond anticipation note resolution
- Not approve the terms of the bond anticipation note resolution
FINANCIAL IMPACT
By pooling special improvements districts, the City reduces the cost for bond sale documents, official statements and staff time. These savings result in a reduction of the amount assessed to each property owner in the districts .
RECOMMENDATION
It is recommended that the City Council approve the attached SID 1369 and SID 1391 bond anticipation note resolution.