Subject:
Title
Consider approving a resolution for the issuance of up to $141 million in general obligation bonds for capital project purposes and for the issuance of up to $84 million for the potential refinancing of existing bonds.
Body
Presented By: City Staff
Recommendation and Review
City Council is required to approve a bond resolution for the issuance of general obligation bonds. The proceeds from this issuance will be used to fund (i) construction of the new high school and related infrastructure improvements, (ii) construction of a new public works building and (iii) construction of water lines primarily for the eastern source water line project. In addition to the project funding, the resolution includes the issuance of bonds for the potential refinancing of existing bonds. The bonds will be issued only in an amount sufficient to fund the cost of the projects, to potentially refinance existing bonds and to pay for the cost of issuing the bonds.