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Item 1.N.
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| City Council Regular | |
| Date: | 07/12/2021 |
| Title: | Bond Resolution for Sidewalk Bond |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | No |
RECOMMENDATION
Staff recommends the City Council approve the bond resolution for WO 20-12 sidewalk bonds.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
On April 26, 2021, City Council approved a resolution authorizing the issuance and calling for a negotiated sidewalk bond sale for WO 20-12. The City decided to postpone financing of the improvements in order to provide further notice to property owners to be assessed with respect to the increased total costs of construction of the improvements. Following such notice, the City has now determined to proceed with financing of the improvements as set forth in this resolution.
Once the resolution has been approved, the closing will take place on July 28th and the bond proceeds will be disbursed to the construction project fund.
Once the resolution has been approved, the closing will take place on July 28th and the bond proceeds will be disbursed to the construction project fund.
ALTERNATIVES
City Council may:
- Approve; or,
- Not Approve and find an alternative funding source
FISCAL EFFECTS
The term on the bond is 12 years with an interest rate of 3.19%. The property owners identified in the sidewalk creation documents will be assessed yearly on their property tax bill.