HomeMy WebLinkAboutA012 - Council Action Form dated June 24, 20030
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ITEM #
DATE June 24,'V03 CAf
COUNCIL ACTION FORM
SUBJECT: SETTING DATE OF PUBLIC HEARING FOR AUTHORIZATION
TO ISSUE ESSENTIAL CORPORATE PURPOSE GENERAL OBLIGATION
BONDS FOR STREET AND STORM SEWER PROJECTS IN AN AMOUNT
NOT TO EXCEED $5,130,000
The budget for FY 2003/04 included General Obligation Bond funded capital
improvement projects in the amount of $6,922,800. A review and adjustment of
projects has resulted in a lowering of the issuance amount to $6,555,000. The
reduction in the issue amount was due to a reduction in the capital improvement
amount for State Street widening from $1,500,000 to $750,000. Two special
assessment projects were added, but the debt service for these projects will be
paid from special assessment payments, not from the debt service levy. The
debt issue to be authorized is $719,000 less than the amount budgeted and
levied; the excess levy will be used to reduce future debt service levies.
Projects to be funded by this issue include the following:
Westbend Drive Storm Sewer
$ 110,000
Residential Low Point Drainage
100,000
Arterial Street Rehab (Lincoln Way)
520,000
6 th Street Recon/Streetscape
2,580,000
CyRide Route Recon (Bloomington)
700,000
State Street Widening
750,000
Beedle Drive
36,000
Debt Svc Abated by Spec Assessment
SE2 nd and Kingsbury and East Ave.
271,462
Debt Svc Abated by Spec Assessment
Issuance Cost
62,538
Sub -Total
$ 5,130,000
Ada Hayden Heritage Park
1,425,000
Referendum bond, not included in
public hearing
Total
$ 6,555,000
The City Council has already taken action on the issuance of bonds for Ada
Hayden Heritage Park after the certification of the bond referendum. Though this
is part of the bond issuance, it will not be part of the authorization by Council or
public hearing since it has been previously approved.
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ALTERNATIVES:
1. Establish July 22, 2003, as the date to take action to authorize the issuance of
Essential Corporate General Obligation Bonds not to exceed $5,130,000.
2. Delay the hearing on the issuance of General Obligation bonds.
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It is the recommendation of the City Manager that the City Council adopt
Alternative #1, establishing July 22, 2003, as the date to take action to authorize
the issuance of Essential Corporate General Obligation Bonds not to exceed
$5,130,000.
COUNCIL ACTION: