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Conditions of City Infrastructure and Need for the Project <br />The Municipal Center is in very good condition as it is only 6 years old. The City <br />needs to continue the operation of the Municipal Center. <br />Demand for Project <br />As described above, the facility currently exists. <br />Estimated Cost of the Project <br />By acquiring the Municipal Center with general obligation bonds pursuant to the Act, <br />the City expects to attain a present value debt service savings of $425,541 and <br />eliminate the need for a reserve fund. <br />Payoff Requirement $18,989,635 <br />Less: Prior DSR Fund (1,531,940) <br />Plus Costs of Issuance 277,305 <br />Equals Total Par Amount $17,735,000 <br />Availability of Public Resources <br />The debt service may be funded by a combination of general property taxes and <br />available resources on hand. In addition, the bonds would be secured by the City's <br />full faith and credit. <br />Relative Costs and Benefits of Alternative Uses of the Funds <br />There are no significant alternatives for funds designated for this project. <br />Operating Costs of the Proposed Improvements <br />The proposed acquisition would not affect operating costs of the Municipal Center, <br />other than through a reduction in debt service costs. <br />Options for Shared Facilities with Other Cities or Local Government <br />Not applicable; as noted above, the facility currently exists. <br />