HomeMy WebLinkAboutA015 - Council Action Form dated August 26, 2008ITEM # I
DATE 08-26-2008
COUNCIL ACTION FORM
A A
A
I 1 6* A A A
The budget for FY 2008/09 included General Obligation Bond funded capital
improvement projects in the amount of $12,170,573. All projects were reviewed and
issuance amounts adjusted based on timing of projects and current price estimates.
Adjustments primarily related to delays in projects have significantly reduced our bond
issue amount.
Projects to be funded by this issue include the following:
Arterial Street Improvements (North Dakota) $ 30,000
CyRide Route Improvements (Various Locations) 100,000
Collector Street Pavement Improvements 100,000
Downtown Paving (Burnett) 50,000
Concrete Pavement Reconstruction 200,000
Furman Aquatic Center 5,278,000
Raw Well Water Loop Line (Abated by Water) 2,500,000
Issuance Costs 97,000
Total $ 8,355,000
Issuance of the bonds requires that a public hearing be held.
Wo
1. Establish September 23, 2008, as the date to take action to authorize the issuance
of Essential General Obligation Corporate Purpose Bonds, Series 2008A, not to
exceed $8,355,000.
2. Delay the hearing on the issuance of General Obligation bonds.
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 September 23, 2008, as the date to take action
to authorize the issuance of Essential General Obligation Corporate Purpose Bonds,
Series 2008A, not to exceed $8,355,000.