Label
Dept. of Finance
Title
Providing for the issuance and sale of $1,385,000 of notes, in anticipation of the issuance of bonds, to pay costs of constructing and reconstructing sidewalks, including, where necessary, driveway aprons, between certain termini on certain designated streets; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This ordinance authorizes the issuance of general obligation bond anticipation notes that the City plans to sell in October of 2018. The amount received from the sale of the notes authorized by this ordinance will be used, together with other funds, to retire a prior sidewalk improvement note maturing on October 18, 2018 and to provide funding for a portion of the City's 2018 Sidewalk Program. With the issuance of these notes and the retirement of the prior note, the City's outstanding debt for sidewalk improvements will be increased by a net amount of $110,000. This additional amount will affect debt limits.
Pursuant to Ordinance No. 356-17 passed August 22, 2017, a note in anticipation of bonds in the amount of $1,275,000 dated as of October 18, 2017, (the Outstanding Note) was issued for the purpose described in Section 1, which Outstanding Note is to mature on October 18, 2018.
This Council finds and determines that the City should retire the Outstanding Note with the proceeds of the Notes described in Section 3 and other funds available to the City and provide an additional $560,000 for costs of the City's 2018 Sidewalk Program.
The Director of Finance as fiscal officer of this City has certified to this Council that the estimated life or period of usefulness of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is twenty years, less the period in excess of twenty years during which notes are outstanding in anticipation thereof, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, ...
Click here for full text