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• <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br />AGENDA DATE REQUESTED September 10. 1990 <br />REQUESTED BY Jeff Litchfield DEPARTMENT Director of Finance <br />X REPORT <br />EXHIBITS: <br />RESOLUTION <br />ORDINANCE <br />SUMMARY AND RECOMMENDATION <br />Later this month, the City plans to issue the following bonded debt: <br />1. $1.5 million in General Obligation Bonds to assist in the construction and <br />completion of the Senior Citizens/ Wellness Center. <br />2. $2.1 million in Revenue Bonds to assist in the construction of water and sewer <br />projects. <br />As part of the bond issuance process, the City receives credit ratings, which in <br />turn, determine the amount of interest cost we pay on the debt. <br />In order to partake in the credit rating process, the Council needs to approve an <br />Official Notice of Sale and the Official Statement. These documents were prepared <br />by the City's Financial Advisors using information supplied by City Staff. <br />ACTION REQUIRED BY COUNCIL: <br />Approve Official Notice of Sale and Official Statement. <br />AVAILABILITY OF FUNDS: <br />GENERAL FUND UTILITY FUND <br />ACCOUNT NUMBER: N/A FUNDS AVAILABLE: <br />OTHER <br />YES NO <br />APPROVED FOR CITY COUNCIL AGENDA <br />G~ T . 9 - t~ -a. r~ <br />ROBERT T HERRERA DATE <br />CITY MANAGER <br />