R-2005-12 (see sticky note/resolution was on 7/25/05 agenda) authorizing sale of $1.8 million in certificates of obligation

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e e REQUEST FOR CITY COUNCIL AGENDA ITEM Agenda Date Requested: Julv 25.2005 Appropriation Requested By: Cvnthia Alexander. Asst. Citv Manae:er Source of Funds: N/A Department: FINANCE Account Number: N/A Report: Resolution: XX Ordinance: Amount Budgeted: Exhibits: Amount Requested: N/A Exhibits: Financing Schedule Budgeted Item: Exhibits: SUMMARY & RECOMMENDATION This is a partial issuance of the $16.3 million in projects approved by voters in the February 2, 2002 election and other various projects. At this time, we are ready to issue voter-approved General Obligation Bonds for the following: Police Deparbnent Headquarters Total Issuance 2005 General Obligation Bonds 7.700.000 7,700,000 While preliminary work was begun on these projects some time ago, it was not desirable for us to issue debt until this time, 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, 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 staff to proceed with the sale of $7,7 million in General Obligation Bonds in conjunction with Certificates of Obligation Bonds; approve and authorize the Preliminary Official Statement (does not require Notice of Intent). Approved for City Council Agenda 1-;dJ -l)!J Date