Consent 1.I.
Regular City Council Meeting
- Meeting Date:
- 07/22/2019
- TITLE
- Authorizing the Issuance and Calling for a Negotiated Sale for Sidewalk Bonds WO 18-02
- PRESENTED BY:
- Andy Zoeller
- Department:
- City Hall Administration
Presentation:
No
PROBLEM/ISSUE STATEMENT
The City needs to sell bonds to finance W.O. 18-02. This will finance the construction of sidewalk, curb and gutter, drive approaches, and alley approaches throughout the city. The areas of work were developed by City staff recommendation, calls from the public, and identified tripping hazards.
Upon approval of this resolution, the City can proceed with the sale of the bonds.
Upon approval of this resolution, the City can proceed with the sale of the bonds.
ALTERNATIVES ANALYZED
↵The Council may:
- Approve the resolution; or
- Not approve the resolution and find another funding source which would delay the project.
FINANCIAL IMPACT
The City is selling bonds for $205,000, which was anticipated within the FY20 budget. The full financial impact will be determined after the bond sale, as the interest rate will be determined during negotiations.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution that authorizes a negotiated bond sale for the indicated project.