Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $23,000,000 FOR THE PURPOSE OF PAYING COSTS OF CONSTRUCTING, FURNISHING AND EQUIPPING A FACILITY HOUSING FUNCTIONS OF THE CITY’S DEPARTMENT OF PUBLIC WORKS AND CLEARING, EQUIPPING AND IMPROVING THE SITE THEREOF.
Brief Description: This ordinance allows for the permanent financing of the construction of the new Public Works facility.
Body
Legislative History
Ordinance No. 23-82 authorized the purchase of the Hudson Drive parcels for $1,900,000
Ordinance No. 23-116 authorized the issuance of $1,900,000 in notes for the purchase of the land
Ordinance No. 24-80 authorized the contract with Brandstetter Carroll, Inc for the design of the new facility
Ordinance 24-114 authorized the issuance of $3,295,000 in notes for the purchase of land and cost of design of the new facility
Ordinance 25-130 authorized the issuance of $3,295,000 in bonds for the purchase of land and cost of design of the new facility
Ordinance 25-131 authorized the issuance of $31,000,000 in notes for the construction of the new facility
Purpose & Explanation
The purpose of this ordinance is to allow for the issuance of bonds to permanently finance the construction cost of the new public works facility. Last year, we issued $31,000,000 in notes to temporarily finance the project, however, bids came in substantially lower and we are able to pay the notes down by $10,000,000.
Legal Authority for Proposed Legislation
Pursuant to Charter Section 6.04, Contracts & Purchasing:
Competitively bid and advertised for two consecutive weeks; bid tab attached: [Yes/No/NA])
Joint or Cooperative Purchase Program
Professional Services
X Other
Fiscal Impact
Currently Budgeted (Account #, $)
Supplemental Appropriation Required (Account #, $)
X Appropriation Not Required
Does this legislation require use of an emergency clause?
Yes [if so, explain why]
X No
Recommendation
Suggested Action
Staff recommends approval of the Ordinance to allow for timely issuance of the notes.
Submitted by,
Thom Sheridan, City Manager
Jeff Knoblauch, Asst. City Manager/Finance Director