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Home My WebLink AboutA022 - Council Action Form dated September 23, 2008ITEM # _ DATE 9-23-2008 COUNCIL ACTION FORM SUBJECT: GENERAL OBLIGATION BONDS PER THE CITY CAPITAL IMPROVEMENT •• PROGRAM, •• ■ " i 1 ISSUE IN AN AMOUNT NOT TO EXCEED $8,355,000 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. A July 2007 referendum authorized issuance of G.O. bonds to fund an outdoor aquatic center. 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 On the morning of September 23, 2008, the City of Ames will accept bids for the bonds per the terms of our offering statement. The bids will be evaluated by our financial advisor, Public Financial Management, bond counsel, and City staff to recommend award to the bidder with the lowest cost. Council may then adopt a resolution accepting bids and authorizing that the sale of bonds be awarded to the recommended bidder. W11m 1 7h" City Council may adopt a resolution accepting bids and authorizing the sale and issuance of Essential Corporate Purpose General Obligation Bonds in an amount not to exceed $8,355,000. 2. The Council may reject the bond sale resolution and delay the capital projects. MANAGER'S RECOMMENDED ACTION: Issuance of these bonds is necessary in order to accomplish the City's approved capital improvements this fiscal year and construction of the Donald and Ruth Furman Aquatic Center. Therefore, it is the recommendation of the City Manager that the City Council adopt Alternative No. 1, thereby adopting a resolution accepting bids and authorizing the sale and issuance of Essential Corporate Purpose General Obligation Bonds in an amount not to exceed $8,355,000.