Consent 9.
Regular City Council Meeting
- Meeting Date:
- 09/12/2011
- TITLE
- Fixing the form and detail for a Bond Anticpation Note for SID 1392
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The City has been approved for a bond anticipation note (BAN) from US Bank for the construction of Yellowstone Family Park SID 1392. Issuing a bond anticipation note will allow PRPL to proceed with constructing this project. The BAN is a variable rate loan which allows the City to do progess draws which will keep the interest cost to a minimum.
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
The bond anticpation note will be paid off by bond proceeds when those bonds are issued.
RECOMMENDATION
Staff recommends that the City Council approve the attached SID 1392 bond anticipation note resolution.