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Notification: <br />Ehler's and Associates, the city's financial consultant, prepared a Five -Year Capital Improvement Plan (for GO CIP <br />Bonding Projects only) for the years 2020-2024 which outlines the CIP planning process that is a requirement of <br />the "CIP Act" and a GO CIP Bond Issuanceestimate in the amount of $9,065,000. The GO CIP bond issue would <br />cover approximately 52% of the principal costs of the public works campus and underwriting and issuance costs. <br />The debt would be for a 20-year time frame with an estimated annual debt service levy of approximately $170,3 3 6 <br />for the first 10 years and then approximately $1,053,000 starting in year 2032-2041 when the Municipal Center <br />Debt will have retired.. <br />Observations/Alternatives: <br />Alternative #1: Motion to Adopt Resolution #20-297 authorizing approval of the sale of $9,065,000 of GO Capital <br />Improvement Plan Bonds, Series 2020A. <br />Alternative #2: Motion to not adopt Resolution #20-297 which would be rejecting the bids of the bond sale <br />Funding Source: <br />The Public Works Campus is proposed to be funded with the following: <br />Water Utility Fund: $2,736,000 <br />Sewer Utility Fund: $2,736,000 <br />Street Light Utility Fund: $ 250,000 <br />Storm Utility Fund $ 500,000 <br />Landfill Fund $1,200,000 <br />Facility Fund $1,000,000 <br />CIP Bond $9,065,000 <br />Recommendation: <br />Staff recommends alternative #1 as bonding was one of the recommended funding sources since 2006 in its Capital <br />Improvement Plan (CIP) for the Public Works Campus and after much discussion with City Council in regards to <br />the desired bonding amount. <br />Action: <br />Motion to Adopt Resolution #20-297 Providing for the Issuance and Sale of $9,065,000 General Obligation Capital <br />Improvement Plan Bonds, Series 2020 and Levying a tax for the Payment. <br />2020-2024 CIP <br />$9,065,000 Bond Issuance Estimate <br />Reso #20-297 Approve Sale of Debt <br />S&P Rating Report <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 12/03/2020 12:09 PM <br />Form Started By: Diana Lund Started On: 12/01/2020 01:36 PM <br />Final Approval Date: 12/03/2020 <br />