Consent 1.M.
Regular City Council Meeting
- Meeting Date:
- 04/08/2013
- TITLE
- Resolution of Intent Authorizing the Refunding of Special Improvement District 1385 Bonds and Calling for a Public Hearing
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
The City issued Special Improvement District (SID)1385 bonds in 2008. The bonds were issued to finance the improvements on King Avenue East between South Billings Blvd. and Orchard. Based on preliminary analysis, the City could achieve debt savings of $600,000 by refunding the SID 1385 bonds. The Council may consider adopting the attached resolution of intent to refund the bonds and calling for a public hearing.
ALTERNATIVES ANALYZED
The City Council may:
- Approve the resolution; or
- Not approve the resolution.
FINANCIAL IMPACT
The Refunding Bonds are being issued to reduce future interest costs. These savings will be passed on to the property owners with outstanding assessments.
RECOMMENDATION
Staff recommends that the City Council approve the resolution of intent to refund SID 1385 bonds and schedule a public hearing on April 22, 2013 .