R-2007-09 notice of intention to issue certificates of obligation-acquisition/construction/improvements of certian public works

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REQUEST FOR CITY COUNCIL AGENDA ITEM Agenda Date Requested: April 23. 2007 Appropriation Report: Resolution: XX Ordinance: Source of Funds: N/A Requested By: Michael G. Dolbv. Interim Dir of Finance Department: FINANCE Account Number: N/A Amount Budgeted: Amount Requested: N/A Exhibits: Notice of Intent Budgeted Item: Exhibits: SUMMARY & RECOMMENDATION At this time, we would like to issue Certificates of Obligation Bonds for the following projects: Waste Water Treatment Plant Amateur Ball Fields Golf Course Cart Paths 912 Main St Building Additional Funding (If needed) Total $6,000,000 1,600,000 300,000 250,000 550,000 $8,700,000 With the exception of additional funding for parks of 1,5 million, City Council has previously approved resolutions, which allow the City to reimburse itself from these bond proceeds for expenditures that were made prior to the issuance of the debt. This is a position that we have taken on several other projects in the past as recommended by bond counsel and required by federal law. In order to issue bonds, a city is required to publish a Notice of Intent (NOI) to Sale, We would like to publish the initial Notice ofIntent for Certificates of Obligation for a maximum principle $8,700,000 on Sunday April 29, 2007; and the second notice on Sunday May 6, 2007. RBC Dain Rauscher, the City's Financial Advisors, is preparing and will make available to us a Preliminary Official Statement which will be reviewed and updated by staff and approved by Council. Action Required bv Council: Authorize the sale of $8.7 million in Certificates of Obligation, approve and authorize the first and second publication of Notice of Intent to Issue, enda ~f7 Date