HomeMy WebLinkAboutA017 - Council Action Form dated August 10, 20104�A
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RESOLUTIONAPPROVING OFFICIAL STATEMENTFORGENERAL
OBLIGATION C•.. A ..BONDS,A 1 1 AND
SETTING DATE OF SALE
FOR
AUGUST A 2010
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The 2010/11 budget included General Obligation Bond funded capital improvement
projects in the amount of $6,690,000. The City Council has held a public hearing on the
issuance. Council action is now required to set the date of sale for August 24, 2010 and
approve the official statement.
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. If
you wish to view this "Preliminary Official Statement," it is on file in the City Clerk's
Office or you can view it on the City's Website.
Projects to be funded by this issue include the following:
41 /Pill]aexom E•r:
Fire Apparatus Replacement $ 531,000
CyRide Route Pavement Improvements (Ontario Street) 900,000
Arterial Street Pavement Improvements (Duff Avenue & 6t" Street) 775,000
Collector Street Pavement Improvements (Storm Street) 850,000
Concrete Pavement Improvements (Oakland Street & Lincoln Swing) 1,000,000
Asphalt Pavement Improvements (various locations) 800,000
Downtown Street Pavement Improvements (Kellogg Avenue) 1,500,000
Bridge Rehabilitation Program (6k" Street/Squaw Creek) 165,000
City Hall Improvements 80,000
Subtotal $ 6,601,000
Issuance Cost
Total Debt Issue
1. Adopt a resolution approving the Official Statement for General Obligation Corporate
Purpose Bonds, Series 2010A and setting the date of sale for August 24, 2010.
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 2010A and setting the date of
sale for August 24, 2010.
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