Regular 3.A.
Regular City Council Meeting
- Meeting Date:
- 10/28/2013
- TITLE
- Authorizing the Sale and Prescribing the Form and Detail of the Series 2013 Storm Sewer Revenue Bonds
- PRESENTED BY:
- Pat Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
The City has been working with Piper Jaffray on the financing for the storm improvements at the Shiloh Conservation Area. The terms of the sale and bonds were agreed upon with the bond purchase agreement. This resolution provides further details of that agreement. An updated resolution will be included in the Council's Friday packet.
ALTERNATIVES ANALYZED
This is the final step of the bond sale. Once Council approves this resolution, the closing will take place and the funds will be disbursed to the project.
FINANCIAL IMPACT
The debt service will be paid from the storm sewer operating fund.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution.