Label
GONotesAssessedSidewalks
Finance
Melanie Campbell 1252/Bryan Benner 1194/Jamie Takacs 1468
Title
Providing for the issuance and sale of $1,170,000 of notes, in anticipation of the issuance of bonds, for the purpose of paying costs of constructing, reconstructing and rehabilitating sidewalks, including, where necessary, driveway approaches and curbs, in certain locations on designated streets; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This Ordinance authorizes the issuance and sale of $1,170,000 of notes in anticipation of the issuance of bonds that the City plans to sell in September 2022. The amount received from the sale of the notes authorized by this Ordinance will be used, together with other funds, to retire the City's outstanding $2,085,000 Sidewalk Improvement Notes, Series 2021, maturing on October 13, 2022. With the issuance of the notes authorized by this Ordinance and the retirement of the Series 2021 Notes, the City's outstanding debt will be decreased by $915,000. Because the amount of debt is being reduced, there will be no negative impact on debt limits.
Pursuant to Ordinance No. 446-21, passed by this Council on August 17, 2021, the City issued its $2,085,000 Sidewalk Improvement Notes, Series 2021, dated October 14, 2021 (the Outstanding Notes), for the purpose described in Section 1, which Outstanding Notes mature on October 13, 2022.
This Council finds and determines that the City should retire the Outstanding Notes with the proceeds of the Notes described in Section 3 and other funds available to the City.
The Director of Finance, as fiscal officer of the City, has certified to this Council that the estimated life or period of usefulness of the improvement described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is 20 years, less the period in excess of 20 years during which notes are outstanding in anticipation thereof, and the maximum maturity of the Not...
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