HomeMy WebLinkAboutA014 - Council Action Form dated August 11, 20091�4 I •�
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SUBJECT: SETTING DATE OF PUBLIC HEARING FOR AUTHORIZATION TO
ISSUE ESSENTIAL GENERAL OBLIGATION CORPORATE PURPOSE
BONDS, SERIES 2009B, IN AN AMOUNT NOT TO EXCEED
$11,165,000
The 2009/10 budget included General Obligation Bond funded capital improvement
projects in the amount of $11,165,000. All projects were reviewed and issuance
amounts adjusted based on timing of projects and current price estimates. Favorable
bids for the raw water loop line eliminated the need to issue planned additional bonds in
the amount of $400,000 for the project.
Projects to be funded by this issue include the following:
SW Ames Stormwater Management
$ 475,000
Arterial Street Pavement Improvements
468,000
Collector Street Pavement Improvements
1,000,000
CyRide Route Pavement Improvements
800,000
Concrete Pavement Improvements
1,625,000
Asphalt Pavement Improvement Program
500,000
Downtown Pavement Improvements
50-0,00 0-
--$---'5,368,000
Subtotal
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Concrete Pavement Improvements
$ 1,225,000
Asphalt Pavement Improvement Program
350,000
Collector Street Pavement Improvements
900,000
CyRide Route Pavement Improvements
900,000
Arterial Street Pavement Improvements
437,573
Downtown Pavement Improvements
700,000
Subtotal
$ 4,512,573
Planned Tax Increment Financing (TIF):
South Bell TIF $ 1,152,000
Issuance Costs $ 132,427
-. .-... .... .... t
Total Debt Issue 11,165,000
Issuance of the bonds requires that a public hearing be held.
1. Establish August 25, 2009, as the date to take action to authorize the issuance of
Essential General Obligation Corporate Purpose Bonds, Series 2009B, not to
exceed $11,165,000.
0.'. Delay the hearing on the issuance of General Obligation bonds
MANAGER'S RECOMMENDED ACTIOU:
Issuance of these bonds is necessary in order to accomplish the City's approved capital
improvements this coming year.
Therefore, it is the recommendation of the City Manager that the City Council adopt
Alternative No. 1, thereby establishing August 25, 2009, as the date to take action to
authorize the issuance of Essential General Obligation Corporate Purpose Bonds,
Series 2009B, not to exceed $11,165,000.
2