Title
Resolution - A Resolution Authorizing Publication of Notice of Intention to Issue Certificates of Obligation; Approving the Preparation of a Preliminary Official Statement and a Notice of Sale; And Expressing Intent to Reimburse Expenditures to be Incurred
Requested Action
The City Council ratifies a resolution giving notice of intent to issue Combination Tax and Revenue Certificates of Obligation. The notice is to announce to the public that the City will be issuing bonds on July 12, 2021 for purpose of designing, improving, constructing, renovating and equipping fire facilities, including a fire training tower; designing, improving constructing, renovating and equipping police facilities; designing, constructing and equipping of a joint public safety training facility; designing, improving, constructing and renovating facilities and infrastructure at the City’s historic Ralph Man House; designing, improving, constructing, renovating and equipping library facilities; designing, improving, constructing, renovating and equipping of park and recreation facilities; acquiring equipment and vehicles for the fire department, including an Air/Light Truck; and professional services incurred in connection with the previously mentioned projects.
Recommendation
Staff recommends approval of the Resolution.
Description/History
During the capital planning process in fiscal year 2020, the City established a capital program for fiscal year 2021. Discussion occurred regarding prioritization of projects and funding of the projects.
Justification
The funds will be used to improve park and recreation facilities within the City, improve the Ralph Man property, improve the public library, provide the necessary equipment for police and fire operations and training facilities and pay for professional fees to design a police headquarters building.
Funding Source
Ad Valorem taxes; the cost of this issuance is not expected to raise the tax rate.
Prepared By
Troy Lest...
Click here for full text