Consent 1.L.
Regular City Council Meeting
- Meeting Date:
- 09/14/2015
- TITLE
- Bond resolution For SID 1398 (Mountain View Boulevard)
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The City has been working with Royal Johnson on the bond sale for Special Improvement District (SID) 1398 (Mountain View Blvd.). A bond purchase agreement between the City of Billings and Royal Johnson has been signed. This resolution recaps the resolutions passed, notices, contracts and costs associated with this SID. The details of the bond are also set in the resolution.
ALTERNATIVES ANALYZED
This is the final step of the bond sale. Once council approves this resolution, the closing will take place on September 21 and the money will be disbursed to fund the project.
FINANCIAL IMPACT
The term of the bonds is 15 years with a true interest rate of 4.5%. The property owners of the district will be assessed yearly on their property tax bill.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution.