Consent 1.O.
Regular City Council Meeting
- Meeting Date:
- 06/11/2012
- TITLE
- Authorizing the Issuance and Calling for a Negotiated Sale for Sidewalk Bonds (W.O. 09-11 & W.O. 11-02)
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
Two sidewalk projects, WO 09-11, Rimrock Road and WO 11-02, Miscellaneous/Developer Improvements will be pooled together for a bond sale. Work was done on Rimrock Road between 17th Street West to Forsythia. Miscellaneous/Developer Improvements were done at various locations throughout the city. The total amount of the bond will be $390,000.
Upon approval of the resolution, the negotiations can proceed for the sale of the bonds. A RFP was done earlier in the year to seek an underwriter to assist in the sale and issuance of bonds for a two year period. DA Davidson was selected as the underwriter. The City will work with DA Davidson on the pricing and sale of these bonds.
Upon approval of the resolution, the negotiations can proceed for the sale of the bonds. A RFP was done earlier in the year to seek an underwriter to assist in the sale and issuance of bonds for a two year period. DA Davidson was selected as the underwriter. The City will work with DA Davidson on the pricing and sale of these bonds.
ALTERNATIVES ANALYZED
The Council may:
- Approve the resolution; or
- Not approve the resolution
FINANCIAL IMPACT
Debt service payments on the bonds will be provided through special assessments on the improved properties.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution that authorizes a negotiated bond sale for the indicated sidewalk projects.