Regular 11.
Regular City Council Meeting
- Meeting Date:
- 09/12/2011
- TITLE
- Fixing the form and detail of Special Improvement District 1360 Refunding
- 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 1360, which is in the Gabel Road/S. 29th Street area. A bond purchase agreement between the City of Billings and Piper Jaffray was signed on August 31.
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.
FINANCIAL IMPACT
A savings of $253,000 was achieved by the refunding. These savings will be passed on to the property owners with outstanding assessments.
RECOMMENDATION
Staff recommends that City Council approve the attached resolution.