HomeMy WebLinkAboutA002 - Council Action Form dated August 24, 2004 d
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ITEM # \1
DATE August 2 2004 35
COUNCIL ACTION FORM
SUBJECT: SETTING DATE OF PUBLIC HEARING FOR AUTHORIZATION
TO ISSUE ESSENTIAL CORPORATE PURPOSE GENERAL OBLIGATION
BONDS IN AN AMOUNT NOT TO EXCEED $5,960,000
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 $ 369,000
Storm Sewer Outlet Erosion Control 100,000
Annual Residential Low Point Drainage 100,000
East Lincoln Way Widening 4,000,000
Aerial Street Rehabilitation (Lincoln Way) 160,000
Southeast 16th Street Paving 200,000
CyRide Route Recon (Bloomington Rd.) 600,000
Bridge Rehabilitation Program 150,000
Dayton Avenue 209,427 Debt Svc Abated by Spec. Assessment
Issuance Cost 71,573
Sub-Total $ 5,960,000
Ada Hayden Heritage Park 70,000 Referendum bond, not included in
public hearing
Total $ 6,030,000
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.
ALTERNATIVES:
1 . Establish September 14, 2004, as the date to take action to authorize the
issuance of Essential Corporate General Obligation Bonds not to exceed
$5,960,000.
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 September 14, 2004, as the date to take action to
authorize the issuance of Essential Corporate General Obligation Bonds not to
exceed $5,960,000.
COUNCIL ACTION: