title
Consider/Discuss/Act on a Resolution Authorizing the Issuance of Sales Tax Revenue Bonds, Taxable Series 2015, and Resolving Other Matters Incident and Related Thereto
Summary
MEETING DATE: February 3, 2015
DEPARTMENT: Financial Services
CONTACT: Cindy Schneible, CDC Executive Director
Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Approve issuance of Sales Tax Revenue Bonds
ITEM SUMMARY:
· This item will authorize the issuance of $24,000,000 in Sales Tax Backed Revenue Bonds for the Aquatic Center.
BACKGROUND INFORMATION:
· Staff, Financial Advisors and Bond Counsel have been working together to price the bonds. This took place on February 3rd.
· Staff will advise the CDC Board and Council on the evening of the 3rd as to the outcome of the pricing and make recommendations accordingly.
· The bonds will supplement cash funding from the CDC to fund the project.
FINANCIAL SUMMARY:
· The total cost of the project is a not to exceed cost of $34.5 million with construction expected to be completed in 2016.
BOARD OR COMMISSION RECOMMENDATION:
· Approval of the issuance.