HomeMy WebLinkAboutA006 - Council Action Form dated September 12, 1995 ITEM #
DATE September 12, 1995
COUNCIL ACTION FORM
SUBJECT: HEARING ON 1995 GENERAL OBLIGATION BOND ISSUE-$4,195,000
BACKGROUND:
The following projects are included in this general obligation issue:
Streets:
U.S. 69 Improvements $ 674,000
Hyland/Sheldon 1,000,000
Airport Road 550,000
Airport Road Special Assessment 200,000
Bloomington Road Paving 795,000
South 16th Paving (S/A) 277,000
8th & 9th Alley (S/A) 20,360
Sub-Total Streets $ 3,366,360
Fire Truck - 100' Ladder 245,000
South Duff Storm Sewer 350,000
Total Project Cost $ 4,111,360
Est. Issuance Costs 83,640
Total $ 4,195,000
These projects were originally approved in the 1995-2000 CIP and included in the 1995-
96 Budget with the following exceptions:
- Fire Truck - original cost estimate increased by $25,000 in City Council action taken
at this meeting
- South 16th Paving - Approved 7/25/95, Resolution 95-314
- Alley Paving - 8th & 9th Street - Approved 7/25/95, Resolution 95-314
As estimated, this issue will increase the total outstanding G.O. debt of the City to
$35,385,000. Total debt service for 1995-96 was budgeted at $5,713,748, of which
$626,087 is for the first payment on this issue. Actual 95/96 debt service for this issue
is projected to be $475,310. The excess budgeted ($150,777) will be used for future debt
service.
ALTERNATIVES:
1. Approve the $4,195,000 general obligation bond issue and set the date of sale for
September 26, 1995.
2. Postpone the issuance of general obligation bonds until a later date.
MANAGER'S RECOMMENDED ACTION:
It is the recommendation of the City Manager that the City Council adopt Alternative # 1,
approving the $4,195,000 general obligation bond issue and setting the date of sale for
September 26, 1995.
COUNCIL ACTION:
DOIRSEY & WHITNEY
PROFESSIONAL LIMITED LIABILITY PARTNERSHIP
DES MOINES RESIDENT ATTORNEYS 801 GLAND, SUITE 3900 MINNEAPOLIS,MINNESOTA
DES MOINES, IOWA 50309-2790 NEW YORK,NEW YORK
ROBERT H. HELMICK (515) 283-1000 WASHINGTON,D.C.
DAVID L.CLAYPOOL DENVER,COLORADO
FAX (515) 283-1060
ROHERT E.JOSTEN FARGO,NORTH DAKOTA
EDWIN N. McINTOSH ROCHESTER,MINNESOTA
NORENE D.JACOBS BILLINGS,14ONTANA
DENNIS W. JOHNSON GREAT FALLS,MONTANA
STEVEN J.DICKINSON August 31 1995 MISSOULA,MONTANA
JEFFREY M.HURLBURT ORANGE COUNTY,CA Q
DAVID D.GROSSKLAUS
Sandra L. Ryan
City Clerk '— d
City Hall
515 Clark Avenue, Box 811 C. IT CLE KOWA
Ames, Iowa 50010
Re: Ames, Iowa
Not to Exceed $4,500,000 General Obligation Corporate Purpose
Bonds, Series 1995B
Our File No. 419370-16
Dear Sandra:
Based upon the information provided to us by Evensen Dodge, we have
prepared and enclose the necessary proceedings for the September 12 Council
meeting to carry out the hearing on the captioned Bonds, to fix September 26 as the
date for the sale and to authorize the City Manager and Finance Director to set the
amount and terms of the Bonds and to provide for the advertisement of the sale.
The proceedings enclosed are as follows:
1. Minutes of the September 12 Council meeting showing the hearing,
followed by the resolution fixing the time and place for the sale of the Bonds and
authorizing the City Manager and Finance Director to fix the amount and terms of
the Bonds and to proceed with the sale.
2. Certificate attesting the transcript.
As these proceedings are completed, please return one fully executed copy to
our office. We also look forward to receiving the completed transcript of the August
22 meeting.
DoxSEY & WHITNEY
PROFESSIONAL LIMITED LIABILITY PARTNERSHIP
Page 2
If you have any questions, please don't hesitate to call.
Sincere y ours,
Ro ert H. Helmick
RHH:cdm
Ames/419370-16/2nd 1/2 Hrg only/1st 1/2 Auth
Enclosures
cc: Steven Schainker
Alice Carroll
John Klaus
Dave Dirks
Chuck Uperaft