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File #: O-386-19    Version: 1 Name:
Type: Ordinance Status: Approved
File created: 8/6/2019 In control: Finance Department
On agenda: 9/3/2019 Final action: 9/3/2019
Title: Providing for the issuance and sale of bonds in a maximum aggregate principal amount of $3,500,000 to provide funds to pay costs of acquiring fire apparatus and equipment for use by the City's Department of Fire and Rescue Operations, and declaring an emergency.
Attachments: 1. Fiscal Officer's Certificate, 2. Bond Registrar Agreement, 3. Bond Purchase Agreement, 4. Continuing Disclosure Agreement, 5. Escrow Agreement, 6. Audio: Agenda Review 8/13/2019, 7. Audio: Budget Oversight 8/14/2019, 8. Audio: City Council 8/20/2019, 9. Audio: Agenda Review 8/27/2019, 10. Audio: City Council Meeting 9/3/2019
Label
GOBondsFireApp&Equip C
Finance
Bryan Benner x1194/Jamie Takacs x1468
Revised

Title
Providing for the issuance and sale of bonds in a maximum aggregate principal amount of $3,500,000 to provide funds to pay costs of acquiring fire apparatus and equipment for use by the City's Department of Fire and Rescue Operations, and declaring an emergency.

Body
SUMMARY & BACKGROUND:
This is one of a series of ordinances that authorize the issuance of general obligation bonds that the City plans to sell in fall 2019.

This ordinance authorizes the sale of up to $3,500,000 of obligation bonds to provide funds to pay costs of acquiring fire apparatus and equipment for use by the City's Department of Fire and Rescue Operations to be included in the City's 2019 Capital Improvement Program. With the issuance of the bonds authorized by this ordinance, the City's outstanding debt may be increased by up to $3,500,000 and the City's legal borrowing capacity may be reduced by up to that amount.

The Director of Finance, as the fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of each class of the apparatus and equipment described in Section 2 is at least five years and that the maximum maturity of the Bonds described in Section 2 is ten years.

The fiscal impact of this ordinance is as follows:
- The amount of funds requested: $3,500,000
- The expenditure budget line item: 5040-14800-1135001STDSTD
- New revenue generated (operational revenue, grants, if any): None.
- Revenue budget line item (if any): 5040-14800-1135001STDSTD
- Are funds budgeted in the current fiscal year (yes/no)?: Borrowing will allow for project funding.
- Is this a capital project (yes/no)? Yes.
- If yes, is it new or existing (new/existing)? New.
- What section of the City's Strategic Plan does this support:
o Excellence in Basic Services (yes/no) No.
o Quality Community Investment (Livable City, Development) (yes/no) Yes.
o Workplace Cu...

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