Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $2,535,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF IMPROVING CITY STREETS BY CONSTRUCTING, RECONSTRUCTING, WIDENING, RESURFACING, GRADING, DRAINING, CURBING AND PAVING, AND DECLARING AN EMERGENCY.
Executive Summary: This ordinance authorizes the re-issuance of notes for the North Main Street Project and Barlow Road Widening/Resurfacing Project.
Body
Legislative History
Ordinance No. 16-191 authorized the issuance of a combined $3.5 million in notes for the North Main Street ($1.2 million) and Barlow Road Widening/Resurfacing ($2.3 million) Projects.
Purpose & Explanation
The purpose of this ordinance is to allow for the re-issuance of notes for the road projects. We are paying down the notes for the North Main Street Project by $365,000 and the Barlow Road Project by $600,000. The remaining balance of $2,535,000 will ultimately be rolled into a long-term bond issue.
Timing Considerations
We request Council pass the ordinance to allow for the timely sale of the notes prior to year end.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends passage of 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