HomeMy WebLinkAboutA005 - Council Action form dated April 22, 1997 l
ITEM #
y"
DATE April 22, 1997
COUNCIL ACTION FORM
SUBJECT: SET THE DATE OF 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 200,000
Freel Drive 210,000
Sub-Total $ 5,457,000
Estimated Issuance Costs 143,000
Total $ 5,600,000
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 $739,650. The excess budgeted ($171,584) will be used for
future debt service.
ALTERNATIVES:
1 . Approve May 13, 1997, as the date of hearing for the issuance of general obligation
bonds not to exceed $5,600,000.
2. Postpone the date of hearing.
MANAGER'S RECOMMENDED ACTION:
It is the recommendation of the City Manager that the City Council adopt Alternative # 1 ,
approving May 13, 1997, as the date of hearing for the issuance of general obligation
bonds not to exceed $5,600,000.
COUNCIL ACTION:
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