Regular 3.
Regular City Council Meeting
- Meeting Date:
- 08/08/2011
- TITLE
- Awarding Negotiated Sale of Bonds and Approving the Form and Detail for Series 2011 Sidewalks
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The City Council approved the authorization for the negotiated sale of bonds relating to Pooled Series 2011 sidewalks on July 11, 2011. This staff memo recommends award of the negotiated sale of bonds totaling $350,000 for financing the following projects:
W.O. 05-13, Jackson Street, Phase II - $75,000
W.O. 09-02, Miscellaneous & Developer Improvements - $275,000
(Various locations throughout the city)
W.O. 05-13, Jackson Street, Phase II - $75,000
W.O. 09-02, Miscellaneous & Developer Improvements - $275,000
(Various locations throughout the city)
ALTERNATIVES ANALYZED
The Council may:
- Approve the bid award; or
- Not approve the bid award
FINANCIAL IMPACT
The Finance Director negotiated with Royal Johnson of Billings MT to purchase the Series 2011 sidewalk bonds at a rate of 5.00%
RECOMMENDATION
Staff recommends that City Council approve the resolution awarding the sale of the bonds.