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Item 1.H.
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| City Council Regular | |
| Date: | 04/26/2021 |
| Title: | Authorizing the Issuance and Calling for a Negotiated Sale for Sidewalk Bonds |
| Presented by: | Teri Walker |
| Department: | Finance |
| Presentation: | No |
RECOMMENDATION
Staff recommends the City Council approve the resolution amending the resolution 21-10922 to add W.O. 20-12 to the pooled bond amount. W.O. 20-12 will reconstruct South 32nd Street West between King Avenue West and Gabel Road.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
On January 25, 2021, the council approved the resolution authorizing a negotiated bond sale for W.O. 19-02 and W.O. 19-35. The sale of those bonds has not been finalized which allows the City to include W.O.20-12 as part of the pooled bond financing.
ALTERNATIVES
City Council may:
- Approve; or,
- Not approve the resolution and not include W.O. 20-12 in this bond sale.
FISCAL EFFECTS
By adding W.O. 20-12 to the pooled bond sale, the interest rate will be lower and the bond proceeds for this project will be available sooner. This will add approximately $900,000 to the bond sale, which will be repaid through assessments to benefited properties.