Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $2,600,000 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 allows the permanent financing of Barlow Road and North Main Street road improvement projects.
Body
Legislative History
Ordinance No. 16-191 authorized $3,500,000 note issuance for Barlow and N. Main St. roads projects; passed 12/6/2016.
Ordinance No. 17-195 authorized rollover of $2,535,000 after paying down the balance by $965,000 for the two projects; passed 12/5/2017.
Purpose & Explanation
The purpose of this ordinance is the permanently finance the Barlow Rd and N. Main St. road construction projects by issuing bonds. These bonds will be combined and sold with the purchase and improvements to the new city hall. 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 the 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 and sale of bonds.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Asst. City Manager/Finance