City Council

Agenda Request

Agenda Of:

April 22, 2008

Agenda Request No:

III A

Initiated By:

Jennifer Brown

Asst. Fiscal Services Director

Responsible Department:

Fiscal Services

Presented By:

Jennifer Brown

Asst. Fiscal Services Director

Department Head:

Linda Symank

Director of Fiscal Services

 

 

Additional Department. Head (s):

n/a

Subject / Proceeding:

fiscal year 2008 bond issuance

review & discuss

Exhibits:

n/a

Clearances

Approval

Legal:

n/a

Executive Director:

n/a

Purchasing:

n/a

Asst. City Manager:

Karen Daly

Budget:

n/a

City Manager:

Allen Bogard/for AB

Budget

Expenditure Required:  $

n/a

Amount Budgeted/Reallocation:  $

n/a

Additional Appropriation:  $

n/a

Recommended Action

Review and discuss bond funded capital improvement projects and timing of bond issuance.

Executive Summary

The City’s Capital Improvement Plan incorporates funding from various sources including grants, pay-as-you-go funding sources and issuance of debt.  Issuance of debt for projects budgeted in Fiscal Year 2007 was delayed and planned to be combined with the issuance of debt for 2008 projects to ensure that major projects were ready to go to construction and that budget numbers were as accurate as possible.  The combined bond issues were planned for late spring of 2008. As previously mentioned, we have been monitoring the municipal bond market with our financial advisors and are projecting a favorable bond sale if conducted in early June 2008. 

 

Previously, the City Council approved two “intent to reimburse” resolutions that allow certain projects to proceed with construction utilizing available fund balances that will be replenished once the bonds are sold.   Many of these projects are covered in the potential bond sale.

 

We are preparing for three series of debt instruments, with an anticipated sale date in June 2008:

·        Water and Wastewater System Revenue Bonds

·        General Obligation Bonds

·        Certificates of Obligation

 

State law requires City Council to approve a Notice of Intent to Issue the Certificates of Obligation which must be published at least 30 days prior to the sale of the Certificates.  These dates need to be established and incorporated into the calendar.  Prior to moving forward with the planned debt issues, staff would like to provide City Council with an overview of the financing plan and calendar.  Specific projects will be reviewed with Council in more detail at the workshop on April 22, 2008.

 

Exhibits