Item Coversheet

Council Communication

Department: Finance
Case/Project No.:
Submitted by: Finance Department/Danielle BemisĀ 
Resolution 23-235 and 23-236
ITEM 6.F.
Council Action: 8/28/2023
Description

Resolution 23-235 directing the advertisement for sale of $625,000 (dollar amount subject to change) Taxable General Obligation Bonds, Series 2023A, and approving electronic bidding procedures and Official Statement.  

 

Resolution 23-236 directing the advertisement for sale of $5,670,000 (dollar amount subject to change) General Obligation Bonds, Series 2023B, and approving electronic bidding procedures and Official Statement.

Background/Discussion

The General Obligation Bonds previously approved for FY24 CIP via Public Hearing, shall be two separate bond issues:

 

A) Taxable General Obligation Bonds, Series 2023A of $625,000 (dollar amount subject to change) for general corporate purposes outlined within

 

B) General Obligation Bonds, Series 2023B of $5,670,000 (dollar amount subject to change) for various general obligation bonds (essential corporate purposes and general corporate purposes) shall be combined for the purpose of issuance

 

In conjunction with PFM Financial Advisors LLC, the City has caused an Official Statement to be prepared outlining the details of the proposed sale of Bonds as well as to receive bids to purchase such Bonds by means of both sealed and electronic internet communication. 

Recommendation

The City is currently at phase 1 of Step 7 in the General Obligation Bonding process, which is to request approval of the resolution to advertise and publish notice of the sale of General Obligation Bonds. It is in the best interest of the City to continue to move forward in the process of proposing the issuance of General Obligation Bonds to satisfy the funding requirements for capital improvement projects for FY24. Upon approval of the advertisement, the next step is to hold the public hearing/sale of bond.

ATTACHMENTS:
DescriptionTypeUpload Date
Notice of Public Hearing Sale of BondsNotice8/18/2023
GO Bond ProcessOther8/18/2023
FY24 CIP ApprovedOther8/18/2023
FY24 CIP Supplemental InfoOther8/18/2023
Preliminary Official StatementOther8/18/2023
Resolution 23-235Resolution8/23/2023
Resolution 23-236Resolution8/23/2023