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REQUEST FOR CITY COUNCIL AGENDA ITEM <br />Appropriation <br />Agenda Date Requested:July 12, 2021 <br />N/A <br />Source of Funds: <br />Requested By:Michael Dolby, Director <br />Department:Finance <br />N/A <br />Account Number: <br />N/A <br />Amount Budgeted: <br />ReportResolutionOrdinance <br />Amount Requested:N/A <br />Exhibits:Ordinance <br />Budgeted Item:YesNo <br />SUMMARY& RECOMMENDATION <br />At the May 24, 2021 council meeting, City Council authorized publication of a otice <br />of Intentto issue approximately $13.5 million in Certificates of Obligation. <br />Consequently, the notice was <br />newspaper. Thenotice advised Ordinance <br />authorizing the issuance of up to $13,500,000 in Certificates of Obligations at a regular <br />City Councilmeeting on July 12, 2021. City Council also authorized the preparation and <br />distribution of a Preliminary Official Statement for use in the offering and sale of the <br />Certificates. <br />(AA+)and modest debt levels, the City has multiple options <br />for financing. The bond market can be time sensitive and interest rate sensitive, <br />therefore, staff has pursuedthe negotiated sale method, which allows entering the <br />market during favorable conditions. The City has utilized this method in the past and it <br />has provided favorable outcomes. Staff is recommending awarding the sale of the <br />Certificates of Obligation to JP Morgan as the underwriterand approvingan Ordinance <br />authorizing the issuance of the Certificates of Obligation. Blanks on pages 3-5 and <br />pages 12-13 of the Ordinance relating to the final principal amount, the maturity <br />schedule, and the sales price will be completed on the date of the meeting upon receipt <br />of proposed pricing and sale terms from the underwriter. <br />answer any questions. <br /> <br />