Consent 1.N.
Regular City Council Meeting
- Meeting Date:
- 05/23/2016
- TITLE
- Authorizing the Issuance and Calling for a Negotiated Sale for Sidewalk Bonds
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
WO 15-02 was approved last year for miscellaneous sidewalk, curb and gutter improvements at various locations throughout the City. The City must sell bonds to finance the project construction. Upon approval of this resolution, the negotiations can proceed for the sale of the bonds.
ALTERNATIVES ANALYZED
The Council may:
- Approve the resolution; or
- Not approve the resolution and find another funding source. The only way that the City can assess the private properties is to incur debt.
FINANCIAL IMPACT
The financial impact will be determined after the bond sale. The interest will be determined during negotiations but will not exceed 5%.
RECOMMENDATION
Staff recommends that the Council approve the attached resolution that authorizes a negotiated sale for the indicated project.