HomeMy WebLinkAboutA027 - Council Action Form dated September 22, 20094
ITEM #
DATE: 9-22-09
13000] M I W-1 to 9 1011 14 0 X01
SUBJECT: SALE AND ISSUANCE OF ESSERT S
GENERAL OBLIGATION BOND
•
IMPROVEMENT PROGRAM, SERIES 2009R
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
500,000
Subtotal
5,368,000
I * I 1 0 0
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
4
On the morning of September 22, 2009, 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.
Walan
1. City Council can adopt a resolution accepting bids and authorizing the sale and
issuance of Essential Corporate Purpose General Obligation Bonds in an amount
riot to exceed $11,165,000.
2. The Council can reject the bond sale resolution and delay the capital projects.
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 adopting a resolution accepting bids and authorizing the sale
and issuance of Essential Corporate Purpose General Obligation Bonds in an arnount
not to exceed $11,165,000.
N