Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $3,975,000 FOR THE PURPOSE OF PAYING COSTS OF ACQUIRING AND INSTALLING EQUIPMENT AS PART OF THE CITY'S MUNICIPAL BROADBAND SERVICES SYSTEM PROJECT; AND DECLARING AN EMERGENCY.
Brief Description: This ordinance allows for the permanent financing of the installation of the broadband services system (Velocity Broadband).
Body
Legislative History
Ordinance No. 15-81 authorized the issuance of $800,000 of notes for the pilot phase of the broadband services project.
Ordinance 16-123 authorized $2,100,000 of notes for the continuation of the broadband services project.
Ordinance 17-113 authorized $3,400,000 of notes for the continuation of the broadband services project.
Ordinance 18-95 authorized $3,400,000 of notes for the continuation of the broadband services project.
Ordinance 19-81 authorized $3,850,000 of notes for the continuation of the broadband services project.
Ordinance 20-64 authorized $3,850,000 of notes for the continuation of the broadband services project.
Purpose & Explanation
In 2015, we issued an $800,000 note for the pilot phase of Velocity Broadband. In 2016, we added $1.3 million to fund the continuation of the installation. In 2017, we added an additional $1.3 million and in 2019, we added $450,000 for the continuation of the project bringing the total borrowed to $3,850,000. The purpose of this ordinance is the permanently finance the broadband services system. 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...
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