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<br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br />I <br /> <br />Bude:et <br /> <br />Agenda Date Requested: December 12. 2005 <br />Requested By: Michllel Dolhy r <br /> <br />Source of Funds: <br /> <br />N/A <br /> <br />Department: <br /> <br />FiQ.a~e <br /> <br />Account Number: <br /> <br />Report: Resolution: <br /> <br />~b5t <br />Ordinance: xx <br /> <br />Amount Budgeted: <br /> <br />Exhibits: <br /> <br />Bond Attorney Opinion Letter <br /> <br />Amount ReqUeLJ... <br />Budgeted ltem~ NO <br /> <br />Exhibits: <br /> <br />Exhibits <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />On September 12, 2005, City Council approved an Inter-local Agreement with City of Pearland and Hughes <br />Supply, Inc. for Water Meter Change-out & Retrofit Program and New Meter Supply Contract. Staff was also <br />directed to research financing options and we have determined that a private placement would be the best option to <br />finance this project. We currently have an offer from Wachovia Bank for a loan of $2,625,000 dollars at 3.74% <br />interest rate for a ten year term. <br /> <br />Action Reauired bv Council: No action required <br /> <br />Approve the $2,625,000 Public Property Finance Contractual Obligation, Series 2006 with Wachovia Bank. <br /> <br />Approved for City Council Aeenda <br /> <br />~,lM,OJJk~a~ <br /> <br />ebra Feazelle <br /> <br />/:)-~--DS- <br /> <br />Date <br />