HomeMy WebLinkAboutA012 - Council Action Form dated September 10, 2024 ITEM#: 28
DATE: 09-10-24
DEPT: FIN
COUNCIL ACTION FORM
SUBJECT: RESOLUTION AUTHORIZING AND APPROVING A LOAN AGREEMENT,
PROVIDING FOR THE SALE AND ISSUANCE OF GENERAL OBLIGATION
CORPORATE PURPOSE BONDS, SERIES 2024A,AND PROVIDING FOR THE
LEVY OF TAXES TO PAY THE SAME
BACKGROUND:
The FY 2024/25 Budget includes General Obligation (G.O.) Bond-funded capital improvement projects
in the amount of$18,534,116. The City Council held a public hearing on the issuance of the non-pool
bonds on March 26, 2024. Separately, on September 14, 2021, the City Council held a public hearing
for the issuance of G.O. Bonds to fund a capital improvement project for the Indoor Aquatic Center.
Council action is now required to authorize the sale.
Projects to be funded by this bond issue include the following:
Intelligent Transportation System 476,100
Airport Entryway Improvements 680,000
Ada Hayden Heritage Park 700,000
Total G.O.Essential Corporate Purpose: 1,856,100
Indoor Aquatic Center: 16,678,016
Total G.O. Issuance: 18,534,116
Estimated Issuance Costs 275,884
Grand Total-2024/25 G.O.Issuance 18,810,000
On the morning of September 10, 2024, the City will accept bids for the bonds per the terms of
our offering statement. The bids will be evaluated by the City's financial advisor, the City's Bond
Counsel, and by City staff to recommend an award to the bidder with the lowest cost.A report of
bids will be provided to Council at the September 10, 2024 meeting. The City Council will then be
asked to adopt a resolution accepting bids and authorizing award of the sale of bonds to the
chosen bidder.
ALTERNATIVES:
1. Adopt a resolution accepting bids and authorizing the sale and issuance of General Obligation Bonds
in an amount not to exceed $18,810,000.
2. Reject the bond sale resolution and delay the capital projects.
CITY MANAGER'S RECOMMENDED ACTION:
Issuance of these bonds is necessary in order to accomplish the City's approved capital improvements
during this fiscal year. Therefore, it is the recommendation of the City Manager that the City Council
adopt Alternative No. 1, as described above.
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