Consent 1.I.
Regular City Council Meeting
- Meeting Date:
- 04/27/2015
- TITLE
- Resolution Prescribing the Form and Terms of Series 2015 Storm Sewer Revenue Bonds
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The City will be constructing storm drain improvements in the East Billings industrial area and it is necessary to issue storm sewer revenue bonds to fund the project. Piper Jaffray and Company and DA Davidson have been working with the City to issue and sell the storm sewer bonds. This resolution outlines the bond terms.
ALTERNATIVES ANALYZED
The bond purchase agreement has been signed by the City. After approving this resolution, the City can proceed with the closing.
FINANCIAL IMPACT
The term of the bonds is 20 years at an interest rate of 3.04%. The debt service payments will be made from the storm sewer assessments.
RECOMMENDATION
Staff recommends that the City Council approve the resolution that sets the terms of the bond sale.