Focus Area: Economy
Staff Contact: Jamie Robichaud, Clara Bernauer
Subject: Consideration of Resolution No. 25-1037 authorizing the public sale of General Obligation Temporary Notes, Series 2025-A; and General Obligation Improvement Bonds, Series 2025A.
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Consideration of Resolution No. 25-1037 authorizing the public sale of General Obligation Temporary Notes, Series 2025-A; and General Obligation Improvement Bonds, Series 2025A.
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Summary:
The City’s bond counsel, Gilmore & Bell, has prepared Resolution No. 25-1037 which authorizes the City to sell the following general obligation issues:
• Temporary Notes: Series 2025-A, will be used to provide project funding in the approximate amount of $159,287,727. Temporary Note Series 2025-A provides funding for 26 capital improvement projects and has a maturity of September 1, 2026. The projects with the largest funding amounts are 119th Street, Woodland to Northgate, Improvements; Santa Fe, Ridgeview to Mur-Len, Improvements; Police Firing Range; Fire Station #9; Animal Shelter; and Quivira Road, 143rd to 151st, Improvements.
• General Obligation Bonds: Series 2025A will be used to fund 16 projects in the approximate amount of $27,602,251. The projects with the largest funding amounts are Pflumm Road, 143rd to 151st, Improvements; Clare Road, 106th Terrace to College; Street Reconstruction Program; and Street Preservation. Series 2025A includes 10-year and 20-year debt structured for level annual debt service.
The City has applied to Standard & Poor’s Corporation for ratings on the Bonds and Notes.
The City is tentatively scheduled to accept bids on June 17th, 2025. The Mayor is authorized to award the sale of the Series 2025-A Notes and Series 2025A Bonds to the submitter of the best proposal or reject all proposals per Resolution No. 25-1037, provided that the principal amount of the Notes does not exceed $163,000,000 and the true interest cost of the Notes does not exceed 5.25%; and provided that the principal amount of the Bonds does not exceed $28,500,000 and the true interest cost of the Bonds does not exceed 5.25%.
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Financial Impact:
The par amount of General Obligation Bonds, Series 2025A is approximately $25,830,000.
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Action Needed:
Approval of Resolution No. 25-1037 to authorize the sale of General Obligation Bonds, Series 2025A, for funding various capital improvements; and authorize the sale of General Obligation Temporary Notes, Series 2025-A for funding various capital improvements.
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Attachment(s):
A: Draft Sale Resolution
B: Draft Summary Term Sheet