Council Work Session


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AI-7442 Topics of Discussion     B.       
  
Meeting Date: 02/16/2021  
Issuance of Bonds - Veterans Memorial Project - $1,560,000
Submitted By: Jim Bell
Department: Finance Division: Accounting
Council Committee Review?: Council Work Session
Date(s) of Committee Review: 02/16/2021
Audio-Visual Needs: None
Emergency Legislation?: No
Motion/Ordinance/
Resolution No.:

Agenda Item Description or Legislation Title
Issuance of Bonds

     *  Veterans Memorial Project - $1,560,000
Purpose and Background
This legislation is to authorize the issuance of 20 year bonds in the maximum amount of $1,560,000 for the purpose of paying the costs of constructing a Veterans Memorial in Thomas Cloud Park.  The maximum interest rate to finance these bonds is estimated to be no more than 2.00%, but likely closer to 1.50%.  The maximum annual debt payment is estimated to be $72,000 and funds are available in the Montgomery County TIF Fund.

City Staff recommend a first reading of the bond ordinance at the February 22, 2021 City Council Meeting with final approval at the March 8, 2021 City Council Meeting.  This legislation is non-emergency legislation, so it becomes effective on April 7, 2021 which allows enough time for the bonds to be priced, sold and closed in a timely manner.

Fiscal Impact
Source of Funds: Bonds
Cost: $1,560,000
Recurring Cost? (Yes/No): No
Funds Available in Current Budget? (Yes/No): N/A
Financial Implications:
The City will issue 20 year long-term bonds in the maximum principal amount of $1,560,000 for the purpose of paying the costs of constructing a Veterans Memorial in Thomas Cloud Park.

 
Attachments
Bond Purchase Agreement
Bond Registrar Agreement
Fiscal Officer Certificate
Ordinance


    

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