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<br />, <br /> <br />. <br /> <br />REQUEST FOR CITY CO <br /> <br /> <br />GENDAITEM <br /> <br />Agenda Date Requested: Se tember 27 2004 <br /> <br />Aporooriation <br /> <br />Requested By: Cvnthia Alexander. Asst. Citv Manal!er <br /> <br />Source of Funds: N/A <br /> <br />Department: FINANCE <br /> <br />Account Number: NIA <br /> <br />Report: <br /> <br />Resolution: XX Ordinance: <br /> <br />Amount Budgeted: <br /> <br />Exhibits: <br /> <br />Resolution <br /> <br />Amount Requested: <br /> <br />N/A <br /> <br />Exhibits: <br /> <br />Resolution <br /> <br />Budgeted Item: <br /> <br />Exhibits: . <br /> <br />Financinlt Schedule <br /> <br />SUMMARY & RECOMMENDATION <br />. <br /> <br />This is the second partial issuance of the $16.3 million in projects approved by voters in the February 2, <br />2002 election. At this time, we are ready to issue Certificates of Obligation Bonds for the following <br />projects: <br /> <br />Bay Area Boulevard Paving, Drainage and Utility Installation <br />Canada Road Paving & Drainage, & Utility Installation <br />Police Headquarters Land Acquisition <br />Total Issuance 2004 Certificates of Obligation <br /> <br />4,400,000 <br />1,900,000 <br />700.000 <br />7,000,000 <br /> <br />. While preliminary work was begun on these projects some time ago, it was not desirable for us to issue <br />debt until this time. City Council has previously approved resolutions that allow the City to reimburse <br />itself from these bond proceeds for expenditures that were made prior to the issuance of the debt. This is <br />a position that we have taken on several other projects in the past as recommended by bond counsel and <br />required by federal law. <br /> <br />In order to issue bonds, a city is required to publish a Notice of Sale. We would like to publish the initial <br />Notice of Sale for Certificates of Obligation in the amount of $7,000,000 the week of October 4, 2004; <br />and the second notice the week of October 11,2004. <br /> <br />First Southwest Company, the City's Financial Advisors, has prepared and made available to us a <br />Preliminary Official Statement which has been reviewed, and is being updated by staff that must also be <br />approved by Council. . <br /> <br />Action Required bv Council: Authorize the sale of $7,000,000 in Certificates of Obligation; approve <br />the first and second publication of Notice of Intent to Issue, which also approves the Preliminary Official <br />Statement. <br /> <br /> <br />r~.14-0c/- <br /> <br />Date <br />