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: May 07, 2024
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 $4,500,000 for the purpose of paying contractual obligations to be incurred for (i) constructing, improving, extending, expanding and developing drainage projects, including the purchase of land, rights-of-way and equipment therefor and (ii) professional services rendered in connection to 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:
05/07/2024 Resolution giving notice of intent
Week of 05/09/2024 First publication in paper
Week of 05/16/2024 Second publication in paper
06/25/2024 Pass Ordinance authorizing the issuance of Certificates
07/10/2024 Certificate Pricing
08/06/2024 Closing and delivery of certificates
BACKGROUND INFORMATION:
• The certificates are being issued for making improvements to various drainage projects through the City and will be amortized over twenty (20) years.
FINANCIAL SUMMARY:
• All certificate issuance costs will be paid from the bond proceeds.