HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORK
FILE ID:
Date: 7/3/2007
Commission Meeting Date: 7/26/2007
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uesting Department: Finance
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District Impacted': N/A
RE.7
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
0 Other
Subject: Issuance of $80 Million of the City's Special Obligation Bonds Series 2007.
Purpose of Item:
It is respectfully recommended that the City Commission adopt the attached resolution authorizing the i
issuance of Special Obligation Bonds Series 2007(Street and Sidewalk Improvement Program) in an
amount not to exceed $80,000,000 in aggregate principal. The Series 2007 are being issued for the
purpose of paying the cost of the acquisition, constructions and improvements to certain roadways
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,
and a debt service reserve surety for these bonds.
Background 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, Squire, Sanders & Dempsey L.L.P, and Disclosure Counsel Byrant Miller Olive P.A. 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
Risk Manager
Purchasing Dept. Direct()
Chief City Manage
If using or receiving capital funds
Grants
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