Consent 1.L.
Regular City Council Meeting
- Meeting Date:
- 07/23/2012
- TITLE
- Resolution Fixing the form and detail of the General Obligation Library Bonds
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
In November 2011, Billings voters approved the issuance of general obligation bonds to finance the construction of a new library building . The City has been working with DA Davidson regarding the purchase and sale of the bonds. This resolution outlines the bond terms. The final numbers for the bond sale will be inserted after the pricing and provided to the City Council prior to the meeting.
ALTERNATIVES ANALYZED
Upon approval of the resolution, the City and DA Davidson will proceed with the sale of the bonds. If the Council does not approve the resolution there would be a delay in the closing and receiving the bond proceeds, which could lead to the inability to timely pay the contractor and stopping or slowing project completion.
FINANCIAL IMPACT
The financial impact will be determined when staff reports the bond pricing to the Council.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution setting the form and terms for the library general obligation bonds