HomeMy WebLinkAboutA001 - Council Action Form dated May 13, 1997 ITEM #
DATE May 13, 1997
COUNCIL ACTION FORM
SUBJECT: HEARING FOR THE ISSUANCE OF 1997 GENERAL OBLIGATION
BONDS NOT TO EXCEED $5,600,000
BACKGROUND:
The following projects are included in this general obligation issue:
Streets:
U. S. 69 Improvements $ 170,000
Hyland Avenue Reconstruction 927,000
Airport Road Reconstruction 1 ,400,000
Airport Road Special Assessment 100,000
Arterial Street Rehabilitation 1 ,000,000
E. Lincoln Way Rehabilitation 500,000
W. Lincoln Way Rehabilitation 450,000
Cy-Ride Route Reconstruction 500,000
Storm Sewer:
Annual Low Point Drainage 100,000
Freel Drive 210,000
Sub-Total $ 5,357,000
Estimated Issuance Costs 203,000
Total $ 5,560,000
These projects are those expected to be undertaken during the 1997 construction season.
They include projects approved in the 1996-97 and 1997-98 CIP's.
As estimated, this issue will increase the total outstanding G. O. debt of the City to
$32,205,000. Total debt service for 1997-98 was budgeted at $5,933,459, of which
$911 ,234 was to be the first payment for this issue. Actual 97-98 debt service for this
issue is projected to be $720,865. The excess budgeted ($190,369) will be used for
future debt service.
ALTERNATIVES:
1 . Approve the issuance of general obligation bonds in an amount not to exceed
$5,600,000 and authorize the City Manager and Finance Director to set the date of sale.
2. Delay the issuance of general obligation bonds.
MANAGER'S RECOMMENDED ACTION:
It is the recommendation of the City Manager that the City Council adopt Alternative # 1,
approving the issuance of general obligation bonds in an amount not to exceed
$5,600,000 and authorize the City Manager and Finance Director to set the date of sale.
COUNCIL ACTION: