| | | | | | | | Council Communication
Department: Finance
Case/Project No.:
Submitted by: Finance Department / Kristi Meckna | Resolution 22-142A & B
ITEM 5.C. | Council Action: 5/23/2022 |
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| | | | | | | | Description
22-142A - Resolution directing the sale of $695,000 (Subject to Adjustment per Terms of Offering) Taxable General Obligation Bonds, Series 2022A
22-142B - Resolution directing the sale of $5,430,000 (Subject to Adjustment per Terms of Offering) General Obligation Bonds, Series 2022B
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| | | | | | | | Background/Discussion
On Monday May 23, 2022 at 11:00 o'clock A.M. the City of Council Bluffs will receive bids for the competitive sale of:
A) Up to $695,000 (dollar amount subject to change) in Taxable General Obligation Bonds Series 2022A
and
B) Up to $5,430,000 (dollar amount subject to change) in General Obligation Bonds Series 2022B
The bids will be received and opened in the offices of the City's Municipal Advisor, PFM Financial Advisors, LLC and City Hall. PFM and the Director of Finance will tally and analyze the bids to determine the best offer in terms of purchase price, true interest rate and net interest cost. That information, along with all other bids will be forwarded to the City of Council Bluffs Finance Office. The Director of Finance will use that information to complete the resolution framework attached and recommend the sale of the Bonds to the lowest responsible bid. The Finance Office will then forward the necessary information to the City's Bond Counsel, who will prepare a resolution for consideration at the June 13, 2022 regular meeting of the City Council, finalizing and officially authorizing the sale of the bonds on the terms detailed in the lowest responsible bid. |
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| | | | | | | | Recommendation
The City is currently at Step 8 in the General Obligation Bonding process, which is to hold the public hearing for receipt of bids and directing 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. |
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