The City staff has been working with Montana Municipal Cooperative on the Series 2018 Special Improvement District bond sale. A bond purchase agreement has been signed.  This resolution recaps the resolutions passed, notices, and locations associated with this project. The details of the bond are also set in the resolution.

This is the final step of the bond sale. Once Council approves this resolution, the closing will take place on August 23, 2018 and the money will be disbursed to the projects.

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. The term of the bond is 15 years with an interest rate of 4.99%.  The improvements consist of the Molt Road turn lane, sewer, storm and street improvements on Gleneagles Boulevard and street lighting in Annafeld Subdivision. The affected property owners will be assessed yearly on their property tax bill.   

Staff recommends that the City Council approve the attached bond resolution, providing financing for the 2018 Special Improvement District projects.