HomeMy WebLinkAboutA002 - Council Action Form dated June 26, 2001 ITEM #
DATE June 6 2001
COUNCIL ACTION FORM
SUBJECT: SALE AND ISSUANCE OF GENERAL OBLIGATION BONDS IN AN
AMOUNT NOT TO EXCEED $10,100,000
BACKGROUND:
The following projects from the FY 00/01 and FY 01/02 budgets are planned for
inclusion in the General Obligation bonds proposed for sale in July 2001:
Budget Budget Proposed
Street Improvements FY 00/01 FY 01/02 Bond Sale
U. S. 30/South Dakota Interchange 400,000 2,604,000 $ 2,553,153
Ontario Reconstruction 1 ,750,000 1,750,000
2001/2002 CyRide (Ridgewood) 400,000 320,000
South Dakota Reconstruction 2,300,000 2,665,000
Lincoln Way/Grand 1,450,000 1,485,000
U. S. Highway 69 220,000 270,000
Arterial Rehab — North Dakota 125,000 125,000
Collector Rehab — 20th Street 600,000 600,000
East Lincoln Way Widening 100,000 100,000
Storm Sewer Improvements
Low Point Drainage 100,000 100,000
Halletts Water Quality 260,000 (Dropped)
Total Proposed Project Cost 3,600,000 6,709,000 $ 9,968,153
ALTERNATIVES:
1. Pass a resolution providing for the sale and issuance of General Obligation
bonds not to exceed $10,100,000. The authorized amount in excess of project
costs is for payment of anticipated cost of issuance.
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 the
General Obligations bonds not to exceed $10,100,000.
COUNCIL ACTION: