Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $1,970,000 FOR THE PURPOSE OF PAYING COSTS OF IMPROVING THE CITY’S WATER SYSTEM AND THE CITY’S WATER TREATMENT PLANT BY CONSTRUCTING A BRINE WELL; AND DECLARING AN EMERGENCY.
Brief Description: This ordinance authorizes the issuance of bonds to permanently finance the brine well at the water plant.
Body
Legislative History
Resolution 19-14 - authorizing entering into contract with Nerone & Sons, Inc. for labor and materials for the construction of the water plant brine well.
Resolution 19-107 - authorizing contract with Summit Office Solutions for the programming, testing and commissioning of the SCADA system for the brine well project.
Resolution 19-156 - Ordinance authorizing issuance and sale of $1,900,000 of notes in anticipation of bonds for construction of the brine well at the water plant
Purpose & Explanation
This ordinance authorizes the issuance of bonds to permanently finance the brine well project. These bonds will be combined and sold with the improvements to City Hall and the Hudson Dr. Waterline project. The bonds will be sold competitively. The amount in the ordinance is a not to exceed amount.
Timing Considerations
Staff recommends Council pass this ordinance to allow for timely sale of bonds so that the proceeds can be used to retire the notes.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Does this legislation require use of an emergency clause? (As Revised 10/27/2020)
X Yes, this Ordinance is required to be immediately effective upon passage in order to sell the Notes at the earliest possible date, which is necessary to make their proceeds available to enable the City to timely retire the Outstanding Notes and thereby preserve its credit.
No
Recommendation
Suggested Action
Staff recommends Council pass this ordinance to allow for timely sale of bonds so that the proceeds can be used to retire the notes.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Asst. City Manager/Finance