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<br />. <br /> <br />e <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: <br /> <br />October 25. 2004 <br /> <br />Appropriation <br /> <br />Requested By: Cynthia AIf>Yandpr, <br /> <br />Source of Funds: N/A <br /> <br />Department: Flbl "-NeE <br /> <br />Account Number: N/A <br /> <br />Report: <br /> <br />Resolution: <br /> <br />Ordinance: <br /> <br />xxx <br /> <br />Amount Budgeted: N/A <br /> <br />Exhibits: <br /> <br />Ordinance <br /> <br />Amount Requested: L\T'''- <br /> <br />Exhibits: <br /> <br />Budgeted Item: YES NO <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />First Southwest Co. Inc. will be receiving bids on behalf of the City of La Porte until 5:00 pm on Monday, October <br />25,2004 for $7,000,000 in Certificates of Obligation (Bonds). <br /> <br />The Certificates will be designated as "Qualified Tax Exempt Obligations" for financial institutions. The Bonds will <br />be dated November 1, 2004. Interest on the Bonds will accrue from November I, 2004 and will be due on March <br />15,2005 and each September 15 and March 15 thereafter until final maturity. <br /> <br />The proceeds from the bonds will be used for the following projects: <br /> <br />$4,400,000 for Bay Area Boulevard Extension; <br />$ t ,900,000 for Canada Road Paving and Drainage; and <br />$ 700,000 for Purchase of Land for Police Headquarters. <br /> <br />Action Reauired bv Council: <br /> <br />Approve ordinances authorizing the issuance of $7,000,000 in Certificates of Obligation. <br /> <br /> <br />A <br /> <br />JO~ ~ lo'f <br />Date . I I <br />