Consent 1.H.
Regular City Council Meeting
- Meeting Date:
- 03/26/2018
- TITLE
- Authorizing the Issuance and Calling for a Negotiated Sale for Sidewalk Bonds
- PRESENTED BY:
- Andy Zoeller
- Department:
- City Hall Administration
Presentation:
No
PROBLEM/ISSUE STATEMENT
The City will be selling bonds to finance property owners' shares of four street and sidewalk construction projects. W.O. 17-02 was approved last year for miscellaneous sidewalk, curb and gutter improvements at various locations throughout the City; W.O. 18-10 was approved February 12, 2018, for street improvements on the Poets Streets; W.O. 16-05 was approved on March 12, 2018 for improvements on Central Avenue; and, W.O. 17-06 was approved February 12, 2018, for public improvements on Midland Road.
Upon approval of this resolution, the bond sale negotiations can proceed. By doing a negotiated sale, the City eliminates the risk that the bonds may not be marketable in a public sale due to the relatively small size of the issue and it reduces the bond issuance costs.
Upon approval of this resolution, the bond sale negotiations can proceed. By doing a negotiated sale, the City eliminates the risk that the bonds may not be marketable in a public sale due to the relatively small size of the issue and it reduces the bond issuance costs.
ALTERNATIVES ANALYZED
↵
The Council may:
The Council may:
- Approve the resolution; or
- Not approve the resolution and find another funding source, which would delay the projects.
FINANCIAL IMPACT
The financial impact will be determined after the bond sale. The interest will be determined during negotiations but will not exceed 5.50 %.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution that authorizes a negotiated sale for the indicated projects.