Two of the City's work order sidewalk projects were pooled together for a bond sale. W.O. 15-06 will improve Poly Drive from 32nd Street West to 38th Street West, and W.O. 14-02 consists of curb, gutter, sidewalk, and storm drain improvements at various locations around the city.

The City staff has been working with Boomer Oil and Gas on the sale of the bonds. A bond purchase agreement has been signed. Council must adopt a resolution that outlines the terms and details of the bonds before they can be sold.

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Upon approval of the resolution, the City and will proceed with the bond closing. 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 the project.

The term of the bonds are 12 years at an interest rate of 5%.

The debt service payment will be made from the assessments on the affected properties.

Staff recommends that the Council approve the bond resolution for Series 2015-Sidewalks WO 15-06 and WO 14-02.