Agenda - Council - 04/12/2005 - Laserfiche WebLink

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Consent: ADOPT RESOLUTION AUTHORIZING THE SALE OF APPROXIMATELY $18,640,000 LEASE REVENUE BONDS FOR MUNICIPAL CENTER AND $4,335,000 GENERAL OBLIGATION BONDS FOR COUNTY PORTION ATTRIBUTED TO AUAR ROADWAY IMPROVEMENTS By: Diana Lund, Finance Officer Ih~ckground: At the April 5, 2005, work session, Council was presented with funding scenarios for the Municipal Center Project to keep the City's tax capacity rate at approximately its current rate of 38.15%. It was determined that this would be accomplished through capitalizing interest on the Municipal Center project in the amount of $375,000 and a transfer of $375,000 from the Landfill Trust Fund. Council was also presented with a timetable outlining the bonding process for the Municipal project, which shows bonds to be issued at the May 24, 2005 City Council meeting. Betbre this can occur, Council needs to authorize the sale of approximately $18,640,000 in lease revenue bonds for the project. As part of the bonding that will occur on May 24, General Obligation bonds will be issued in thc amount of $4,335,000, which is the County's portion of the AUAR roadway improvements. Again, this bond sale needs to be authorized. Rcco~nmcndation: Staff recommends that Council authorize Resolution #05-04-XXX authorizing the sale of approximately $18,640,000 lease revenue bonds for the Municipal Center Project and $4,335,000 General Obligation Permanent Improvement Revolving Fund Bonds for the County's share of the AUAR roadway improvements. Council Action: Adopt Resolution #05-04-XXX authorizing the sale of approximately $18,640,000 lease revenue bonds for the Municipal Center Project and $4,335,000 General Obligation Permanent Improvement Revolving Fund Bonds for the County's share of the AUAR roadway improvements.