Consent 1.O.
Regular City Council Meeting
- Meeting Date:
- 05/23/2016
- TITLE
- Parameters Resolution for the Sale of Bonds for SBURD projects
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The City needs to sell bonds to finance the Phase 2 Sanitary Sewer and Orchard Lane projects in the South Billings Urban Renewal District (SBURD). This parameters resolution sets limits for the principal amount, the interest rate and the maturity of the bonds. The maximum aggregate principal amount of the bonds shall not exceed $5,300,000; the maximum interest rate shall not exceed 4.75%, and the maturity shall not exceed 25 years from the issuance date.
ALTERNATIVES ANALYZED
City Council may:
- Approve, or;
- Disapprove the parameters resolution.
FINANCIAL IMPACT
The annual debt payments will be paid from the tax increment funds from the District.
RECOMMENDATION
Staff recommends that the City Council approve the resolution authorizing the issuance of the bonds through a negotiated sale and sets the parameters.