Consent 1.R.
Regular City Council Meeting
- Meeting Date:
- 04/13/2015
- TITLE
- Resolution Authorizing the Issuance and Fixing the Terms for DNRC bonds
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The City has been working with the Department of Natural Resources and Conservation (DNRC) for financing to replace the Briarwood Reservoir. The project will replace the existing water tank with a new and larger 750,000 gallon tank to provide adequate capacity for the projected population in the area, as well as meet fire flow demands.
This resolution authorizes the issuance of the bonds and sets the terms and conditions of the bonds.
This resolution authorizes the issuance of the bonds and sets the terms and conditions of the bonds.
ALTERNATIVES ANALYZED
City Council may:
- Approve the resolution and proceed with closing the bond sale, or
- Disapprove the resolution and find another financing source.
FINANCIAL IMPACT
The principal of the loan will be payable beginning July 1, 2015 and concluding on January 1, 2035 at an interest rate of 2.50% per annum.
RECOMMENDATION
Staff recommends City Council approve the attached resolution that authorizes issuing the bonds and sets their terms and conditions.