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<br />. <br /> <br />e <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: Julv 25. 2005 <br /> <br />Appropriation <br /> <br />Requested By: Cynthia Alexander. Asst. City Manal!er <br /> <br />Source of Funds: <br /> <br />N/A <br /> <br />Department: <br /> <br />FINANCE <br /> <br />Account Number: N/A <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 />Financing Schedule <br /> <br />Budgeted Item: <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />At this time, we would like to issue Certificates of Obligation Bonds for the following projects: <br /> <br />Purchase of an Aerial Fire truck <br />Bayshore Water Sewer R~placement <br />Various Other Water/Sewer Capital Projects <br />Total Issuance 2005 Certificates of Obligation <br /> <br />750,000 <br />350,000 <br />700.000 <br />1,800,000 <br /> <br />While preliminary work was begun on these projects some time ago, it was not desirable for us to issue debt until <br />this time, City Council has previously approved resolutions that allow the City to reimburse itself from these bond <br />proceeds for expenditures that were made prior to the issuance of the debt. This is a position that we have taken on <br />several other projects in the past as recommended by bond counsel and required by federal law. <br /> <br />In order to issue bonds, a city is required to publish a Notice of Intent (NOl) to Sale. We would like to publish the <br />initial Notice of Intent for Certificates of Obligation in the amount of $1,800,000 on Saturday, July 30; and the <br />second notice on Saturday, August 6, 2005, <br /> <br />RBC Oain Rauscher, the City's Financial Advisors, is preparing and will make available to us a Preliminary Official <br />Statement which will be reviewed and updated by staff that must also be approved by Council. <br /> <br />Action Required bv Council: Authorize the sale of $1.8 million in Certificates of Obligation; approve and <br />authorize the first and second publication of Notice of Intent to Issue, and the Preliminary Official Statement. <br /> <br /> <br />LL- <br /> <br />'7 -.2-0 -- tJ5 <br /> <br />Date <br /> <br />Debra <br />