| | | | | | | | Council Communication
Department: City Clerk
Case/Project No.:
Submitted by: Kathy Knott | Resolution 18-130 | Council Action: 4/23/2018 |
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| | | | | | | | Description
Resolution directing the Advertisement for Sale of $23,835,000 (dollar amount subject to change) General Obligation Bonds, Series 2018A, and approving Electronic Bidding Procedures and Official Statement. |
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| | | | | | | | Background/Discussion
Following the previously held public hearings the City Council is being asked to authorize the advertisement for sale and collection of bids for the 2018A General Obligation Bonds in the amount not to exceed $23,835,000 (dollar amount subject to change) including project costs, capitalized interest and issuance fees. Direct project costs for this issue are estimated to be $5,070,000 for the fiscal year 2019 Capital Improvement Plan, $11,805,000 for the construction of the Law Enforcement Center, $3,550,000 refunding of the 2009B General Obligation Bonds, and $3,410,000 refunding of the 2010C General Obligation Bonds. The amounts include cost of issuance and Underwriter’s Discount. Bids are due on May 7, 2018 with a meeting being scheduled on the same evening to consider bids and award the sale to the successful low overall bidder. The resolution the Council is being asked to consider adopts the times, rules, regulations and expectations for the successful bidders to follow in submitting the bids.
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