Focus Area: Economy
Staff Contact: Jamie Robichaud/Briana Burrichter/John Page
Subject: Consideration of Resolution No. 24-1019 authorizing the public sale of Stormwater System Improvement Bonds, Series 2024.
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title:
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Consideration of Resolution No. 24-1019 authorizing the public sale of Stormwater System Improvement Bonds, Series 2024.
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Summary:
The City’s bond counsel, Gilmore & Bell, has prepared Resolution No. 24-1019 authorizing the sale of Stormwater System Revenue Bonds, Series 2024, in the approximate principal amount of $4,675,000. The proposed Revenue Bond issuance will provide funding for the following projects:
• Cedar Lake Dam Restoration
• CMP Replacement & Stormwater Asset Management Project
• Indian Creek - Lindenwood (Jamestown to Arrowhead)
Revenue Bonds are secured by future user fee revenues, rather than the City’s ability to levy taxes. Series 2024 has a 20-year term.
The City is tentatively scheduled to accept bids on June 12th, 2024. The Mayor is authorized the award the sale of the Series 2024 Bonds to the submitter of the best proposal or reject all proposals per Resolution No. 24-1019, provided that the principal amount does not exceed $5,000,000 and the true interest cost of the Series 2024 Bonds does not exceed 5.00%.
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Financial Impact:
The amount of Stormwater Revenue Bonds, Series 2024, is approximately $4,675,000.
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Action Needed:
Approval of Resolution No. 24-1019 to authorize the sale of Stormwater System Improvement Revenue Bonds, Series 2024.
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Attachment(s):
A: Draft Sale Resolution
B: Draft Summary Term Sheet