Laserfiche WebLink
the issuance of GO Capital Improvement Plan Bonds for Fire Station #2 in an amount not to <br />exceed $4,200,000 (as oulined in the Five -Year) with a scheduled sale date of May 26, 2015. <br />Stacie Kvilvang from Ehler's and Associates, the city's financial consultant, will present the bid <br />results on the night of May 26, 2015, as the GO Capital Improvement Plan Bonds will be bid on <br />earlier that afternoon by prospective bond buyers. The total bonded sale request is for <br />$3,970,000 which remains constant with the original request in March. There is the possibility <br />that sale proceeds from the sale of the former City Hall campus could be used to offset future <br />debt service payments, but cannot be determined at this time. <br />Notification: <br />Ehlers and Associates, the city's financial consultant, prepared a Five -Year Capital Improvement Plan (for GO CIP <br />Bonding Projects only) for the years 2015-2019 which outlines the CIP planning process that is a requirement of <br />the "CIP Act" and a presale report that are attached. As stated, the GO CIP bond issue would be $3,970,000 which <br />covers the principal costs of the fire station and underwriting and issuance costs. The debt would be for a 20-year <br />time frame with an estimated annual debt service levy of approximately $294,000. <br />Observations/Alternatives: <br />Alternative #1: Motion to Adopt Resolution #15-05-129 authorizing approval of the sale of $3,970,000 of GO <br />Capital Improvement Plan Bonds, Series 2015A. <br />Alternative #2: Motion to not adopt Resolution #15-05-129 which would be rejecting the bids of the bond sale <br />Funding Source: <br />The issuance of Capital Improvement Debt will finance the construction of Fire Station #2. <br />Recommendation: <br />Staff recommends alternative #1 as fire station #2 construction contract was awarded on April 14, 2015 and <br />bonding was the recommended funding source. <br />Action: <br />Motion to Adopt Resolution #15-05-129 Providing for the Issuance and Sale of $3,970,000 General Obligation <br />Capital Improvement Plan Bonds, Series 2015 and Levying a tax for the Payment. <br />Attachments <br />2015-2019 CIP <br />Presale Report <br />Reso #15-05-129 Approve Sale of Debt <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 05/21/2015 09:27 AM <br />Form Started By: Diana Lund Started On: 05/12/2015 10:34 AM <br />Final Approval Date: 05/21/2015 <br />