HomeMy WebLinkAboutA020 - Council Action Form dated Novmeber 13, 2001ITEM # dQ4 410 -349
DATE November 1"3,2001
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In June of 2001, the citizens of Ames approved a referendum calling for the
issuance of $1,310,000 in general obligation bonds for the construction and
equipping of a new fire station. The design of this project is progressing and
construction is expected to begin in 2002.
Interest rates have fallen over the past several weeks and the refunding of one of
our outstanding bond issues has now become favorable. The G.O. Bond Series
1993 can now be refunded with an estimated net present value savings of 3-73%.
ALTERNATIVES:
1. Pass a resolution providing for the sale and issuance of General Obligation
bonds not to exceed $5,310,000.
2. Reject the bond sale resolution.
MANAGER'S RECOMMENDED ACTION:
It is the recommendation of the City Manager that the City Council adopt
Alternative #1, passing a resolution providing for the sale and issuance of General
Obligation bonds not to exceed $5,31 0,000.
COUNCIL ACTION: