HomeMy WebLinkAboutA022 - Council Action Form dated August 14, 2012 ITEM # 29
DATE: 08-14-12
COUNCIL ACTION FORM
SUBJECT: RESOLUTION APPROVING OFFICIAL STATEMENT FOR GENERAL
OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2012 AND
SETTING DATE OF SALE FOR AUGUST 28, 2012
BACKGROUND:
The 2012/13 budget included General Obligation (G.O.) Bond funded capital
improvement projects in the amount of $13,215,000. 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 August 28, 2012, and to ap�rove the official statement. Council adjusted the
bond issuance amount at the July 24t meeting to reflect a delay in the project to extend
utilities to the east industrial area.
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:
2012/2013 CIP G.O. Bond Issue as adjusted:
Woodview Drive Water & Sewer Project (Assessment Project) $ 357,000
Extension of Utilities North (Abated by Water and Sewer) 1,401,000
Flood Response & Mitigation Projects 820,000
Collector Street Pavement Improvements 850,000
Asphalt Street Reconstruction Program 928,000
CyRide Route Pavement Improvements 1,420,000
Arterial Street Pavement Improvements 219,000
Concrete Pavement Improvements 600,000
Downtown Street Improvements 950,000
Asphalt/Seal Coat Street Rehabilitation 620,500
Squaw Creek Bridge 400,000
Subtotal Debt Issue $ 8,565,500
Library Expansion/Renovation (Referendum) 4,500,000
Subtotal $ 13,065,500
Issuance Cost /Allowance for Sale at Premium 149,500
Total Debt Issue $ 13,215,000
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ALTERNATIVES:
1. Adopt a resolution approving the Official Statement for General Obligation Corporate
Purpose Bonds, Series 2012 and setting the date of sale for August 28, 2012.
2. Refer the Official Statement back to City staff for modifications.
MANAGER'S RECOMMENDED ACTION:
Issuance of these bonds is necessary in order to accomplish the City's scheduled
capital improvements during the upcoming 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 2012 and setting the date of sale
for August 28, 2012.
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