Label
GOBonds Fleet and Facilities Building
Finance
Bryan Benner (x1194)
(Revised)
Title
Providing for the issuance and sale of bonds in a maximum aggregate principal amount of $3,250,000 for the purpose of acquiring a building, adjacent real estate and interests therein to provide office space and other facilities for use in carrying out functions of the Department of Public Service, and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This ordinance authorizes the issuance of general obligation bonds that the City plans to sell in September 2018.
The amount received from the sale of the bonds authorized by this ordinance will be used, together with other funds, to retire a prior note maturing on September 19, 2018. With the issuance of these bonds and the retirement of the prior note, the City's outstanding debt will be unchanged. There will be no negative impact on debt limits.
Pursuant to Ordinance No. 99-12, passed by this Council on March 13, 2012, a note in anticipation of bonds in the amount of $3,250,000 dated April 24, 2012, was issued for the purpose described in Section 2, which note was retired at maturity with funds available to the City and the proceeds of a $3,250,000 note dated April 24, 2013, issued in anticipation of bonds pursuant to Ordinance No. 48-13, passed January 29, 2013, which note was retired at maturity with funds available to the City and the proceeds of a $3,250,000 note dated April 24, 2014, issued in anticipation of bonds pursuant to Ordinance No. 88-14, passed March 11, 2014, which note was retired at maturity with funds available to the City and the proceeds of a $3,250,000 note dated September 23, 2014, issued in anticipation of bonds pursuant to Ordinance No. 349-14, passed August 12, 2014, which note was retired at maturity with funds available to the City and the proceeds of a $3,250,000 note dated September 23, 2015, issued in anticipation of bonds pursuant to Ordinance No. 406-15, passed August 4, 2015, whic...
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