HomeMy WebLinkAboutA009 - Council Action Form dated March 22, 2011 ITEM # 33
DATE: 03-22-11
COUNCIL ACTION FORM
SUBJECT: RESOLUTION APPROVING OFFICIAL STATEMENT FOR GENERAL
OBLIGATION CORPORATE PURPOSE REFUNDING BONDS, SERIES
2011A
BACKGROUND:
The City of Ames has the opportunity to refund General Obligation Bond Issues, Series
2002A, 2002B, and 2003. This will be a current refunding of bonds called at par on the
June 1, 2011 call date. Estimated value of savings for the current refunding is
$323,361. The City Council is holding a public hearing on the issuance at the March 22,
2011 Council Meeting. Council action is now required to set the date of sale for April
12, 2011 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.
ALTERNATIVES:
1. Adopt a resolution approving the Official Statement for General Obligation Corporate
Purpose Refunding Bonds, Series 2011A and setting the date of sale for April 12,
2011.
2. Refer the Official Statement back to City staff for modifications.
MANAGER'S RECOMMENDED ACTION:
Issuance of these bonds is necessary in order to refund outstanding G.O. Bonds with
estimated savings of approximately $323,361 in future debt service.
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 Refunding Bonds, Series 2011A and setting the
date of sale for April 12, 2011.
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