HomeMy WebLinkAboutA001 - Council Action Form dated August 8, 2006 DL..,Q 0�
ITEM #
DATE 08-08-2006
COUNCIL ACTION FORM
SUBJECT: SETTING DATE OF PUBLIC HEARING FOR AUTHORIZATION TO
ISSUE ESSENTIAL GENERAL OBLIGATION CORPORATE PURPOSE
BONDS, SERIES 2006A, IN AN AMOUNT NOT TO EXCEED $5,285,000
BACKGROUND:
The budget for FY 2006/07 included General Obligation Bond funded capital
improvement projects in the amount of $5,210,380.
Projects to be funded by this issue include the following:
West Lincoln Way Intersection Improvements $ 170,000
South Duff Area Storm Sewer 880,000
Southeast 16t" Street Paving and Bridge 1,500,000
Collector Street Rehabilitation 1,030,000
CyRide Route Reconstruction 750,000
Bloomington Road Widening 75,000
South Duff Avenue Improvements 305,380
Arterial Street Rehabilitation 500,000
Issuance Cost 74,620
Total $ 5,285,000
Issuance of the bonds requires that a public hearing be held.
ALTERNATIVES:
1. Establish August 22, 2006, as the date to take action to authorize the issuance of
Essential General Obligation Corporate Purpose Bonds, Series 2006A, not to
exceed $5,285,000.
2. Delay the hearing on the issuance of General Obligation bonds.
MANAGER'S RECOMMENDED ACTION:
Issuance of these bonds is necessary in order to accomplish the City's approved capital
improvements this fiscal year.
Therefore, it is the recommendation of the City Manager that the City Council adopt
Alternative No. 1, thereby establishing August 22, 2006, as the date to take action to
authorize the issuance of Essential General Obligation Corporate Purpose Bonds,
Series 2006A, not to exceed $5,285,000.