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Home My WebLink AboutA017 - Council Action form dated April 23, 2013 ITEM # 14 DATE: 04-23-13 COUNCIL ACTION FORM SUBJECT: RESOLUTION APPROVING OFFICIAL STATEMENT FOR GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2013 AND SETTING DATE OF SALE FOR MAY 14, 2013 BACKGROUND: The FY 2013/14 budget includes General Obligation (G.O.) Bond funded capital improvement projects in the amount of $21,034,370. The City Council previously held a public hearing on issuance of these bonds. City staff also identified outstanding bonds that could be refunded at a savings to the City and have included that with the 2013 bond issuance. Council action is now required to set the date of sale for May 14, 2013, 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 bond issue include the following: Street Improvements $ 6,200,000 Library Renovation and Addition 13,479,000 Resource Recovery Improvements (abated debt) 1,355,370 Subtotal $ 21,034,370 Refunding Bonds 2,250,000 Issuance Cost/Allowance for Sale at Premium 215,630 Total Debt Issue $ 23,500,000 ALTERNATIVES: 1. Adopt a resolution approving the Official Statement for General Obligation Corporate Purpose Bonds, Series 2013 and setting the date of sale for May 14, 2013. 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 approved capital improvements during this coming year and to realize savings by refunding outstanding bonds. 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 2013 and setting the date of sale for May 14, 2013.