Regular 10.
Regular City Council Meeting
- Meeting Date:
- 09/12/2011
- TITLE
- Fixing the form and detail of Pooled Special Improvement District Bonds Series 2011
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The City has been working with Piper Jaffray on the bond sale for Special Improvement Districts 1369 and 1391. A bond purchase agreement between the City of Billings and Piper Jaffray was signed on August 31. This resolution outlines the form and detail for the bonds for SIDs 1369 and 1391.
ALTERNATIVES ANALYZED
This is the final step of the bond sale. The terms of the sale and bonds were agreed upon with the bond purchase agreement. This resolution provides further detail of that agreement. Once council approves this resolution, the closing will take place on October 4 and the funds will be disbursed to the projects.
FINANCIAL IMPACT
The term of the bonds are 15 years with a true interest rate of 5.3%.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution.