Title
Consider/Discuss/Act on a Resolution Approving and Authorizing Publication of Notice of Intention to Issue Certificates of Obligation
Summary
COUNCIL GOAL: Financially Sound Government
4A: Provide funding and organizational framework to ensure continual economic improvements
MEETING DATE: September 05, 2023
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
• Approval of Resolution
ITEM SUMMARY:
• This Resolution will begin the process of issuance of Certificates of Obligation in the amount of $24,500,000 for the purpose of paying contractual obligations to be incurred for (i) certain improvements to the City’s airport, and (ii) professional services rendered in relation to such projects and the financing thereof.
• A Resolution and notice of intent are required to issue Certificates of Obligation.
• Certificates of Obligation Bond Calendar is as follows:
09/05/2023 Resolution giving notice of intent
Week of 09/11/2023 First publication in paper
Week of 09/18/2023 Second publication in paper
11/07/2023 Pass Ordinance authorizing the issuance of bonds/ Bond Pricing
12/07/2023 Closing and delivery of bonds
BACKGROUND INFORMATION:
• The certificates are being issued for making improvements to the City's airport, namely the design and construction of a new corporate aircraft storage hangar, a federal inspection station and associated offices, vehicle parking, aircraft apron, taxiway extensions, jet blast deflectors and other related improvements and will be amortized over twenty (20) years.
FINANCIAL SUMMARY:
• All bond issuance costs will be paid from the bond proceeds.
BOARD OR COMMISSION RECOMMENDATION:
• N/A