HomeMy WebLinkAboutA016 - Council Action form dated August 8, 2017 ITEM # 37
DATE: 08-08-17
COUNCIL ACTION FORM
SUBJECT: RESOLUTION APPROVING OFFICIAL STATEMENT FOR GENERAL
OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2017A, SETTING
DATE OF SALE FOR AUGUST 22, 2017, AND AUTHORIZING ELECTRONIC
BIDDING FOR THE SALE
BACKGROUND:
The FY 2017/18 Budget and Council-approved changes include General Obligation (G.O.)
Bond-funded capital improvement projects in the amount of $7,521,000. The City Council held
public hearings for the issuance of these bonds on March 7, 2017, and for the refunding bonds
on August 8, 2017. Council action is now required to approve the official statement, set the date
of sale for August 22, 2017, and authorize electronic bidding.
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 other 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. Additionally, Council is asked to approve electronic bidding as the method to
provide a secure and highly competitive process for the sale of the bonds.
Projects to be funded by this bond issue include the following:
Grand Avenue Extension $ 4,000,000
South Duff Improvements 276,000
Arterial Street Improvements 620,000
Collector Street Improvements 950,000
Asphalt Street Improvements 850,000
Downtown Street Improvements 250,000
Accessibility Enhancement Program 125,000
W Lincoln Way Intersection Improvements 450,000
Subtotal Tax Supported Bonds $ 7,521,000
Refunding Bonds 4,345,000
Issuance Cost and Allowance for Premium 104,000
Grand Total—2017/18 G.O. Issue $11,970,000
ALTERNATIVES:
1. Adopt the attached resolution approving the Official Statement for General Obligation
Corporate Purpose Bonds, Series 2017A, setting the date of sale for August 22, 2017, and
authorizing electronic bidding for the sale.
2. Refer the Official Statement back to City staff for modifications.
CITY MANAGER'S RECOMMENDED ACTION:
Issuance of these bonds is necessary in order to accomplish the City's approved capital
improvements for the current fiscal year.
Therefore, it is the recommendation of the City Manager that the City Council adopt Alternative
No. 1 as stated above.