Issuance of Notes - Property Acquisition - City Administrative Offices - $1,740,000
Submitted By:
Jim Bell
Department:
Division:
Accounting
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
09/07/2021
Audio-Visual Needs:
None
Emergency Legislation?:
Yes
Motion/Ordinance/ Resolution No.:
Agenda Item Description or Legislation Title
Issuance of Notes
* Property Acquisition - City Administrative Offices
Purpose and Background
The attached ordinance will allow the City to issue one-year notes in the amount of $1,740,000 for the renewal of the notes issued in 2020 for the cost of the property acquisition which will be used as a site for City administrative offices. The estimated tax-exempt rate for this note is 0.50%. City Staff is requesting this ordinance be passed as emergency legislation, so the notes can be sold with two additional notes and the proceeds received prior to the maturity of the notes issued in 2020.