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HomeMy WebLinkAboutA043 - Council Action Form dated September 27, 2011 ITEM # 6 DATE: 09-27-11 COUNCIL ACTION FORM SUBJECT: RESOLUTION APPROVING OFFICIAL STATEMENT FOR GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2011 B AND SETTING DATE OF SALE FOR OCTOBER 25, 2011 BACKGROUND: The 2011/12 budget included General Obligation (G.O.) Bond funded capital improvement projects in the amount of $6,675,000. The City Council has held a public hearing on issuance of these bonds. Council action is now required to set the date of sale for October 25, 2011, and to 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. This "Preliminary Official Statement" is on file in the City Clerk's Office and can be viewed on the City's Website. Projects to be funded by this issue include the following: 2011/2012 CIP G.O. Bond Issue: West Lincoln Way Intersection Improvements $ 150,000 S. Duff/ 16t" Street Frontage and Hickory Drive Reconstruction 300,000 Arterial Street Pavement Improvements 60,000 Collector Street Pavement Improvements 1,898,500 Asphalt Pavement Improvement Program 2,576,000 Downtown Pavement Improvements 750,000 Asphalt Resurfacing 765,500 City Hall Improvements General Corporate Purpose 70,000 Subtotal $ 6,570,000 Issuance Cost/Allowance for Sale at Premium 105,000 Total Debt Issue $ 6,675,000 ALTERNATIVES: 1. Adopt a resolution approving the Official Statement for General Obligation Corporate Purpose Bonds, Series 2011 B and setting the date of sale for October 25, 2011. 2. Refer the Official Statement back to City staff for modifications. i MANAGER'S RECOMMENDED ACTION: Issuance of these bonds is necessary in order to accomplish the City's approved capital improvements during 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 2011 B and setting the date of sale for October 25, 2011. 2