HomeMy WebLinkAboutA005 - Council Action Form dated March 26, 2002 L
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ITEM # 3
DATE March 2002
COUNCIL ACTION FORM
SUBJECT: SETTING DATE OF PUBLIC HEARING FOR AUTHORIZATION
TO ISSUE GENERAL OBLIGATION BONDS FOR ACQUISITION AND
DEVELOPMENT OF AMES QUARRY IN AN AMOUNT NOT TO EXCEED
$3,475,000
BACKGROUND:
In November of 2001, the citizens of Ames approved a referendum calling for the
issuance of $4,970,000 in general obligation bonds for acquisition and
development of the Ames Quarry site.
The completion of this project will take up to three years. Bonds will be issued as
needed to fund the project. This first issue will fund property acquisition and
initial development costs, including bank stabilization. As decided in the budget
process, the term of this issue will be 20 years. Bond issues to fund the
remainder of this project will be included as part of annual street and storm sewer
bond issues and will be done as funding is required.
ALTERNATIVES:
1. Establish April 9, 2002, as the date of hearing to authorize the sale and
issuance of General Obligation bonds in an amount not to exceed $3,475,000 for
the acquisition and development of Ames Quarry.
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 April 9, 2002, as the date of hearing to authorize the
sale and issuance of General Obligation bonds in an amount not to exceed
$3,475,000 for the acquisition and development of Ames Quarry.
COUNCIL ACTION: