Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $805,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF IMPROVING THE CITY’S WATER SYSTEM BY CONSTRUCTING WATER MAINS, AND DECLARING AN EMERGENCY.
Executive Summary: This allows for the renewal of notes issued for the water improvement portion of the North Main Street Project.
Body
Legislative History
Ordinance No. 16-192 allowed for the issuance of $975,000 in notes to pay for the water improvement portion of the North Main Street Project.
Purpose & Explanation
We are paying down the original notes by $170,000 and re-issuing the balance of the notes. The $805,000 will be combined with other notes issue and ultimately be rolled into a long term bond issue.
Timing Considerations
We request Council approve the issuance of the notes to allow for timely sale by year end. The notes will be sold competitively.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends Council pass the ordinance to allow for timely sale of notes prior to year-end.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Asst. City Manager/Finance