Title
Consider/Discuss/Act on a Resolution Approving and Authorizing Publication of a Notice of Intention to Issue Certificates of Obligation, Series 2010
Summary
COUNCIL GOAL: Revenue Projections for Budget Considerations
MEETING DATE: March 2, 2010
DEPARTMENT: Finance Department
CONTACT: Jennifer Fung, Executive Director of Finance
RECOMMENDED CITY COUNCIL ACTION: Approve the resolution
ITEM SUMMARY:
· In accordance with the approved Capital Improvements Program, the City intends to issue Certificates of Obligation, Series 2010 in an amount not to exceed $10.1 million for (i) acquiring, constructing, improving, extending, and equipping municipal airport facilities, including the acquisition of a site or sites, (ii) acquiring, constructing, improving and equipping City Hall, including the acquisition of a site or sites therefore, (iii) constructing, improving and equipping parks facilities, and (vi) professional services rendered in relation to such projects and the financing thereof.
o A resolution and notice of intent are required to issue Certificates of Obligation.
o The related ordinance, approving the sale and delivery of the Certificates of Obligation bonds, will be presented at the council meeting of April 20, 2010 at 5:30 p.m.
o Certificates of Obligation Bond Calendar is as follows:
3/2/10 Resolution giving notice of intention.
Week of 3/17/10 First publication in paper.
Week of 3/24/10 Second publication in paper.
4/20/10 Pass ordinance authorizing the issuance of
Certificates of Obligation.
5/20/10 Closing and delivery of bonds.
BACKGROUND INFORMATION:
· As the City continues to grow, municipal facilities and infrastructure improvements for new development are needed.
· The City has developed a capital improvement program (CIP) to identify and prioritize capital project needs, and evaluating financing capacity for project funding.
· Funding for capital improvement projects are mainly from issuance of bonds.
· Capital improv...
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