Issuance of Notes - Renewal - Property Acquisition - Economic Development - $4,262,000
Submitted By:
Jim Bell
Department:
Division:
Accounting
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
09/20/2022
Audio-Visual Needs:
None
Emergency Legislation?:
Yes
Motion/Ordinance/ Resolution No.:
Agenda Item Description or Legislation Title
* Renewal - Property Acquisition - Economic Development - $4,262,000
Purpose and Background
The attached ordinance will allow the City to issue one-year notes in the amount of $4,262,000 for the renewal of the notes issued in 2021 for the cost of the acquisition of properties which will be used for various economic development needs. The estimated taxable rate for this note is 3.75%. City Staff is requesting this ordinance be passed as emergency legislation, so the notes can be sold with two additional notes and proceeds received prior to the maturity of the notes issued in 2021.