HomeMy WebLinkAboutA015 - Council Action Form dated August 28, 2018 a
ITEM # 33
DATE: 08-28-18
COUNCIL ACTION FORM
SUEJECT: SALE AND ISSUANCE OF GENERAL OBLIGATION BONDS SERIES
2018A ISSUE IN AN AMOUNT NOT TO EXCEED $8,120,000
BACKGROUND:
The FY 2018/19 adopted budget includes General Obligation (G.O.) Bond-funded
capital improvement projects in the amount of $7,987,000. The City Council held a
public hearing on the issuance of these bonds on March 6, 2018 as part of the budget
process. Council action is now required to authorize the sale.
Projects to be funded by this bond issue include the following:
Grand Avenue Extension $ 3,700,000
Collector Street Improvements 1,750,000
asphalt Street Improvements 1,400,000
City-Wide Radio System 1,000,000
Fire Station #1 Concrete Replacement 137,000
"ubtotal Tax Supported Bonds $ 7,987,000
Issuance Cost and Allowance for Premium 133,000
Grand Total — 2018/19 G.O. Issue $8,120,000
On the mornin(i ci August 28, 2018, the City will accept bids for the bonds per the
terms of our ofiuring statement. The bids will be evaluated by our financial
advisor, Public Financial Management, by the City's Bond Counsel, and by City
staff to recommend award to the bidder with the lowest cost. A report of bids will
be provided to Council at the August 28 meeting. The City Council will then be
ask(,d to adopt a resohition accepting bids and authorizing award of the sale of
bon 's to the c:,o�-�n h- 'd,r.
ALT =RNATIVES:
1. The City Counr'l can adopt a resolution accepting bids and authorizing the sale and
issuance of General Obligation Bonds in an amount not to exceed $8,120,000.
2. 7 'ie Coun;il a, reje-t the bond sale resolution and delay the capital projects.
MA►'AGER'S RECIMMF-WED ACTION:
Issu-ince of these '--nds is necessary in order to accomplish the City's approved capital
imps ;vement or -'eats dt;,, a this fiscal year.
Therefore, it is the recommendation of the City Manager that the City Council accept
Alteriative No. 1 , Vierehy adopting a resolution accepting bids and authorizing the sale
and issuance of G( :ieral Obligation Bonds in an amount not to exceed $8,120,000.