HomeMy WebLinkAboutA010 - Council Action Form dated September 28, 2004ITEM #_ A_
DATE September 28, 2004
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BACKGROUND:
The budget for FY 2004/05 included General Obligation Bond funded capital
improvement projects in the amount of $5,679,000. A special assessment project
was added, but the debt service for this project will be paid from special
assessment payments, not from the debt service levy.
Projects to be funded by this issue include the following:
Fire Apparatus
Storm Sewer Outlet Erosion Control
Annual Residential Low Point Drainage
East Lincoln Way Widening
Aerial Street Rehabilitation (Lincoln Way)
Southeast 16'h Street Paving
CyRide Route Recon (Bloomington Rd.)
Bridge Rehabilitation Program
Dayton Avenue
Issuance Cost
Sub -Total
Ada Hayden Heritage Park
Total
ALTERNATIVES:
$ 369,000
100,000
100,000
4,000,000
160,000
200,000
600,000
150,000
209,427
71,573
Debt Svc Abated by Spec. Assessment
$ 5,960,000
70,000 Referendum bonds
$ 6,030,000
1. Pass a resolution providing for the sale and issuance of General Obligation
bonds not to exceed $6,030,000,
2. Reject the bond sale resolution.
The Manager's recommendation will be made at the Council meeting after the
receipt and analysis of bids.
COUNCIL ACTION: