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: January 21, 2025
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 $30,000,000 for the purpose of paying contractual obligations to be incurred for (i) renovating, improving and equipping existing library facilities, (ii) renovating, improving and equipping the City’s existing performing arts civic center and (iii) professional services rendered in connection with such projects and the financing thereof.
• A Resolution and notice of intent are required to issue Certificates of Obligation.
• Certificates of Obligation Calendar is as follows:
01/21/2025 Resolution giving notice of intent
Week of 01/26/2025 First publication in paper
Week of 02/02/2025 Second publication in paper
03/18/2025 Pass Ordinance authorizing the issuance of Certificates
05/20/2025 Certificate Pricing
06/17/2025 Closing and delivery of certificates
BACKGROUND INFORMATION:
• The certificates are being issued for making improvements to various City buildings and will be amortized over twenty (20) years.
FINANCIAL SUMMARY:
• All certificate issuance costs will be paid from the bond proceeds.