R-2006-06 authorize sale of $5.8 million in Certificate of Obligation and in the $1.2 million in General Obligation Bonds

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REQUEST FOR CITY COUNCIL AGENDA ITEM Requested By: Michael G. Dolbv. Asst Dir of Finance Department: FINANCE Appropriation Agenda Date Requested: March 13. 2006 Report: Resolution: XX Ordinance: Source of Funds: N/A I / Account Number: NI.,~/ Amount Budgeted: / Amount Requested: NlA Exhibits: Budgeted Item: Exhibits: SUMMARY & RECOMMENDATION At this time, we would like to issue Certificates of Obligation Bonds and General Obligation Bonds for the following projects: Parks Improvement Police Headquarters Sports Complex TIRZ Infrastructure Bayshore Sewer Total $1,200,000 2,800,000 2,000,000 650,000 350,000 $7,000,000 City Council has previously approved resolutions that 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 (NO!) to Sale. We would like to publish the initial Notice of Intent for Certificates of Obligation in the amount of $5,800,000 on Saturday, April 1 2006; and the second notice on Saturday, April 8, 2006. We are also requesting that the previously voter approved General Obligation Bonds of $1 ,200,000 for Parks Improvement be approved for issuance. 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 that must also be approved by Council. Action Required bv Council: Authorize the sale of $5.8 million in Certificates of Obligation and the $1.2 General Obligation Bonds; approve and authorize the first and second publication of Notice of Intent to Issue. 3--7-ok Date