Item Coversheet

Council Communication

Department: Finance
Case/Project No.:
Submitted by: Finance Department / Kristi Meckna 
Resolution 22-136A and B
ITEM 7.F.
Council Action: 5/9/2022
Description

22-136A) Resolution directing the advertisement for sale of $695,000 (dollar amount subject to change) Taxable General Obligation Bonds, Series 2022A, and approving electronic bidding procedures and Official Statement.  

 

22-136B) Resolution directing the advertisement for sale of $5,430,000 (dollar amount subject to change) General Obligation Bonds, Series 2022B, and approving electronic bidding procedures and Official Statement.

Background/Discussion

The General Obligation Bonds previously approved for FY23 CIP via Public Hearing, shall be two separate bond issues:

 

A) Taxable General Obligation Bonds, Series 2022A of $695,000 (dollar amount subject to change) for general corporate purposes outlined within

 

B) General Obligation Bonds, Series 2022B of $5,430,000 (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 FY23. Upon approval of the advertisement, the next phase of Step 7 is to set the public hearing for the sale. 
ATTACHMENTS:
DescriptionTypeUpload Date
Preliminary Official StatementOther5/2/2022
Notice of Public Hearing Sale of BondsNotice5/2/2022
GO Bond ProcessOther5/2/2022
FY23 CIP ApprovedOther5/2/2022
FY23 CIP Supplemental InfoOther5/2/2022
Resolution 22-136AResolution5/3/2022
Resolution 22-136BResolution5/3/2022