HomeMy WebLinkAboutA001 - Council Action Form dated May 26, 1998 O�
ITEM #
DATE Mav 26 1998
COUNCIL ACTION FORM
SUBJECT: TO SET JUNE 9, 1998, AS DATE OF HEARING FOR THE
AUTHORIZATION TO ISSUE GENERAL OBLIGATION BONDS IN AN AMOUNT NOT
TO EXCEED $5,405,000.
BACKGROUND:
The following essential corporate purpose projects are planned for inclusion in the general
obligation bonds proposed for sale in June, 1998:
Traffic
U. S. 69 Improvements $ 114,000
13th & Duff Intersection 496,000
S. Dakota/Highway 30 485,000
Downtown Redevelopment 484,400
Streets
13th: Dayton - Interstate 35 224,000
Stange Road 1 ,026,890
Duff: 20th - 24th 700,000
Airport Road 194,330
Adams Street Paving 150,000
South 16th Street Paving 50,000
Storm Sewer - Low Point Drainage 100,000
Sanitary Sewer - Freel Drive 300,000
Sub-Total $ 4,324,620
Estimated-Ames Community Development
Park Subdivision (Paving & Utilities) 1 ,000,000
Sub-Total $ 5,324,620
Issuance Costs 80,380
$ 5,405,000
Of the budgeted projects, $1 ,698,400 were budgeted in 1997/98, but delayed until this
issue. Those projects were U.S. 69 Improvements ($114,000), Downtown
Redevelopment ($484,400), Stange Road (budgeted $800,000, amended $1 ,026,890),
and Freel Drive Sanitary Sewer ($300,000).
The 1998/99 budget included projects totaling $4,136,750 to be financed with general
obligation bonds. Some of those projects are being delayed until a future issue, with
$1 ,781 ,000 included in this issue. The projects are 13th/Duff, South Dakota/Highway 30,
Annual Low Point Drainage, and Cy-Ride Route Reconstruction.
Additional projects are 13th:Dayton--135 ($224,000) amended during the 98-99 Budget hearing
and special assessments Airport Road ($194,330), Adams Street Paving ($150,000), and
South 16th Street Paving ($50,000).
ALTERNATIVES:
1 . Establish June 9, 1998, as the date to take action to authorize the issuance of general
obligation bonds not to exceed $5,405,000.
2. Delay the hearing on 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,
establishing June 9, 1998, as the date to take action to authorize the issuance of general
obligation bonds not to exceed $5,405,000.
COUNCIL ACTION: