HomeMy WebLinkAboutA012 - Email from Finance dated April 28, 2020 Diane Voss
From: Duane Pitcher
Sent: Tuesday, April 28, 2020 3:29 PM
To: Steve Schainker
Cc: Diane Voss; Tina Stanley; Roger Wisecup; Shannon Andersen
Subject: Timing of Decisions for Summer 2020 GO Bond Issue
Steve,
We held a conference call with the Dorsey and PFIVI on decision dates for the upcoming bond issue. The majority of the
projects are on track, there are a couple that are still uncertain. To proceed with the bond issue with an August sale and
September settlement we will need decisions made on what will be in or out by the end of July. A list of the projects
and further explanation is below.
Possible Addition for Sewer Abated Bonds for East Industrial
The additional $2.5M to $2.75M or possibly more qualifies as essential corporate purpose and does not require a levy of
taxes to repay since it will be abated. We will need notice and public hearing prior to decision to include in the issue,
but once this is done we can decide either in or out of the issue (and the amount) by the end of July. If we are thinking
about proceeding we should hold the hearing at the higher end of estimates and we can reduce if/when we know more.
East 13th Street Sanitary Sewer Extension (TIF Abated) 2,500,000
This issue was included in our budget process so the public hearing has already been held. We can make the decision by
the end of July, and if the Urban Renewal Area and TIF ordinance are not yet done we will include in our bond
documents the council's intent to repay with TIF. We will then need to pass the Urban renewal area and TIF ordinance
no later than the first meeting in November so that we can certify the TIF debt by the December 1 deadline. If we do
include and Council does not establish the Urban Renewal Area and TIF ordinance the bonds will be repaid from the
debt service fund. We can use the proceeds to reduce a 2021 GO bond issue and we will pay the first year interest from
the debt service fund since we have not yet levied taxes for this issue. Give me a call if you have any questions. I see the
East Industrial is going to Council tonight. I'll be signed into the meeting.
Fire Apparatus Replacement $1,375,000
Cherry Avenue Extension 510,000
Arterial Street Pavement Improvements 900,000
Collector Street Pavement Improvements 1,400,000
Concrete Pavement Improvements 2,300,000
Asphalt Street Pavement Improvements 1,400,000
CyRide Route Pavement Improvements 600,000
Seal Coat Pavement Improvements 750,000
U.S. Highway 69 Improvements 230,000
South Dayton Improvements 700,000
Intelligent Transportation System 141,900
Bridge Rehabilitation Program 375,000
Subtotal Tax Supported Bonds $10,681,900
East 13th Street Sanitary Sewer Extension (TIF Abated) 2,500,000
Subtotal TIF Abated Bonds $2,500,000
Duane
1
t
L
Duane Pitcher, CPA, CPFO
Director of Finance
City of Ames
515 Clark Avenue
P.O. Box 811
Ames, Iowa 50010
Phone (515) 239-5114
2