Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $5,650,000 FOR THE PURPOSE OF PAYING COSTS OF ACQUIRING, REMODELING, RENOVATING, FURNISHING, EQUIPPING AND OTHERWISE IMPROVING A BUILDING, AND ACQUIRING, CLEARING, IMPROVING AND EQUIPPING ITS SITE, FOR USE AS A NEW CITY HALL TO HOUSE MUNICIPAL OFFICES AND FUNCTIONS, AND DECLARING AN EMERGENCY.
Executive Summary: This ordinance authorizes the issuance of bonds to permanently finance the purchase of and improvements to the new City Hall.
Body
Legislative History
Resolution No. 17-178 authorized a purchase agreement and related partial rent reimbursement agreement with PASCO, Inc. to acquire real property located at 1140 Terex Road for public purposes and authorized the City Manager to advertise for competitive bids for the purposed of retrofitting said property for the City's use; passed 11/14/2017.
Ordinance No. 17-192 authorized the issuance of $4,500,000 of notes to purchase the new City Hall (former PASCO building) and make improvements to the building; passed 12/5/2017.
Purpose & Explanation
This ordinance authorizes the issuance of bonds to permanently finance the purchase of the new City Hall and make necessary improvements to the building. These bonds will be combined and sold with the Barlow Rd and N. Main St. road improvement projects. The bonds will be sold competitively. The amount in the ordinance is a not to exceed amount.
Timing Considerations
The notes come due December 28, 2018. We are requesting emergency language to allow us to sell the bonds on or around December 13, 2018, and retire the notes with the bond proceeds.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends Council pass this ordinance to allow for timely sale of the bonds. Bond counsel has requested passage on second reading to allow sufficient time for the credit rating ...
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