Laserfiche WebLink
<br />REtEST FOR CITY COUNCIL AGENDA 1M <br /> <br />AGENDA DATE <br /> <br />2/28/2000 <br /> <br />REQUESTED BY Jeff Litchfield, Finance Director/ACM <br /> <br />_ REPORT; XX RESOLUTION; _ ORDINANCE; <br /> <br />Attachment - Long Range Plan for the General Debt Service Fund <br /> <br />On March 27, 2000, the City of La Porte plans to accept bids for the issuance of General <br />Obligation Bonds as well as Certificates of Obligation, <br /> <br />The General Obligation Bonds that will be issued total $3,250,000 and represents projects that <br />were approved by the voters in the January 16, 1999 election. The projects for which bonds are <br />being sold are: <br /> <br />City Hall Expansion <br />Replace Fire Station 3 <br />Replace Fire Station 4 <br />Replace San Jacinto Swimming Pool <br />Total <br /> <br />$ 1,500,000 <br />750,000 <br />750,000 <br />250,000 <br />$ 3,250,000 <br /> <br />In addition to these bonds, the City will also issue $3,000,000 of Certificates of Obligation. The <br />proceeds of this issue will go towards the construction of the new Library. This debt will be <br />repaid using the proceeds of the Section 4B 'Y2 cent Sales Tax. The City's bond counsel, Paul <br />Martin, has prepared the attached resolution, which Authorizes Publication of Notice of Intention <br />to issue Certificates of Obligation. Even though we plan to repay the debt with sales tax <br />proceeds, Mr. Martin suggests we "back" the bonds with ad valorem and park and recreation <br />system revenues. This leaves the sales taxes unencumbered and allows us to enter into a <br />separate agreement with the Section 4B Development Corporation <br /> <br />In the City's 1999-2000 Budget, the Long Range Plan for the General Debt Service Fund <br />projected the issuance of $3,250,000 in General Obligation Bonds and $6,500,000 in <br />Certificates. At this time, we only desire to issue $3,000,000 in Certificates of Obligations <br />because it is still too early to issue debt for Bay Area Boulevard. <br /> <br />ACTION REQUIRED BY COUNCIL: <br /> <br />Approve or disapprove Resolution Authorize Publication of Notice of Intention to Issue <br />Certificates of Obligation. <br /> <br />FUND N/A <br /> <br />ACCT NUM: <br /> <br />FUNDS AVAILABLE: <br /> <br />APPROVED FOR CITY COUNCIL AGENDA <br />G~ T. ~ <br />ROBERT T. HERRERA, CITY MANAGER <br /> <br />~-a'3-aO(p <br />DATE <br />