HomeMy WebLinkAboutSummary Form00 °' AGENDA ITEM SUMMARY FORM
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44 FILE ID: Q 9 ! Q 02-.
Date: 08/25/2009 Requesting Department: Finance
Commission Meeting Date: 09/24/2009 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Law Department
Matter ID No.
09-1615
Subject: Issuance of not to exceed $65 Million in aggregate principal amount of the City's Special
Obligation Bonds Series 2009.
of Item:
It is respectfully recommended that the City Commission adopt the attached resolution authorizing the
issuance of Special Obligation Bonds Series 2009 (Street and Sidewalk Improvement Program) in an
amount not exceed $65 Million in aggregate principal. The Series 2009 are being issued for the
purpose of paying the cost of the acquisition, constructions and improvements to certain roadway and
streetscapes. The resolution delegates the City manager the determination of certain matters and
details concerning the bonds, including negotiating and obtaining a municipal bond insurance policy,
if necessary, and a debt service reserve surety for these bonds.
Information:
The resolution sets the parameters under which the City Manager may execute a bond purchase
agreement for the transaction. Those parameters relate to the size of the issuance. Attached to the
resolution are the Bond Purchase Contract, Preliminary Official statement, and a Continuing
Disclosure Agreement. All of these documents have been drafted by or reviewed by our Bond
Counsel, Foley & Lardner, LLP, and Disclosure Counsel, Knox Seaton. The City's Finance
Committee also approved the negotiated sale of these bonds.
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
YES Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Managen
PurchasinZ 1 10 Dept. Director.
Chief City Manager