Label
GOBondsMunCourtBldg
Finance
Melanie Campbell (x1252) Bryan Benner (x1194) Jamie Takacs (x1468)
Title
Providing for the issuance and sale of bonds in the maximum principal amount of $18,000,000 for the purpose of paying costs of renovating, remodeling, equipping and re-equipping and otherwise improving the Municipal Court Building, together with necessary appurtenances and work incidental thereto; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This is one of a series of ordinances that authorize the issuance of general obligation bonds the City plans to issue in November 2022.
This Ordinance authorizes the issuance and sale of bonds in the maximum principal amount of $18,000,000 to provide funds to be used to retire outstanding bond anticipation notes issued in August 2022 to provide approved debt funding for costs of the improvement described in Section 2. With the issuance of the bonds authorized by this Ordinance and the retirement of the outstanding notes, the City's outstanding debt will neither increase nor decrease the City's legal borrowing capacity. The bonds will be subject to statutory direct debt limits and the statutory and constitutional indirect debt limitation.
Pursuant to Ordinance No. 244-22, passed on July 19, 2022, there were issued $18,000,000 Municipal Court Improvement Notes, Series 2022 (the Outstanding Notes), in anticipation of bonds for the purpose stated in Section 2, which Outstanding Notes mature on November 16, 2022.
This Council finds and determines that the City should retire the Outstanding Notes with the proceeds of the Bonds described in Section 2.
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 2 is at least five years the estimated maximum maturity of the Bonds described in Section 2 is at least 20 years.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of...
Click here for full text