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Item 1.M.
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| City Council Regular | |
| Date: | 05/22/2023 |
| Title: | Bond Resolution for Pooled Series 2023 Sidewalk Bonds |
| Presented by: | Teri Walker |
| Department: | Finance |
| Presentation: | No |
| Legal Review | Not Applicable |
RECOMMENDATION
Staff recommends City Council approve the bond resolution for WO 21-11 and WO 22-07.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
On June 14th, 2021, the Council approved the resolution ordering improvements identified in WO 21-11, Highwood Drive reconstruction. City Council approved the resolution ordering improvements identified in the W.O. 22-07 Mullowney Lane Improvements reconstruction project on February 27, 2023. The City has been working with First Interstate Bank for the purchase of the bonds. Once the resolution has been approved, the closing will take place and the bond proceeds will be disbursed to the construction accounts.
ALTERNATIVES
There are no viable alternatives because an agreement has been made with First Interstate Bank to purchase the bonds.
FISCAL EFFECTS
The term on the bonds is 12 years with an interest rate of 5.97%. The property owners identified in the documents ordering the improvements will be assessed for principal and interest cost of the bonds on their property tax bills.