HomeMy WebLinkAboutA023 - Council Action form dated September 8, 2009Mai 2 1 1 0.
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The 2009/10 budget included General Obligation Bond funded capital improvement
projects in the amount of $11,165,000. The City Council has held a public hearing on
the issuance and date of sale has been set for September 22, 2009.
The Official Statement, or "Preliminary Official Statement", is the offering document for
municipal securities, in preliminary form, which does not contain pricing information.
The statement provides several financial disclosures and information about the City.
The statement has not been presented to Council for previous bond issues, but bond
counsel now recommends that the statement be approved by resolution of the
governing body.
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
500,000
Subtotal
$ 5,368,000
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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
Total Debt Issue
-- - -- -----------
11,165,000
Fjolaw, -
1. Adopt a resolution approving the Official Statement for General Obligation Corporate
Purpose Bonds, Series 2009B.
2. Refer the Official Statement back to City staff for modifications.
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 adopting a resolution approving the Official Statement for
General Obligation Corporate Purpose Bonds, Series 2009B.
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