Agenda Item Title:
Title
Public hearing to receive input from the public with respect to (a) the issuance of not more than $10,000,000 of Sales Tax Revenue Bonds and (b) any potential economic impact that the project to be financed with the proceeds of said bonds may have on the private sector.
Consideration for adoption of a resolution authorizing and approving a Preliminary Official Statement and an Official Statement in connection with the issuance and sale of the City’s Sales Tax Revenue Bonds, Series 2023; and related matters.
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Presenter:
Brian Kelley, Administrative Services Director
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Description/Background:
The State has appropriated $900,000 per year for 15 years for the extension and construction of Monroe Street Phase VI and related improvements. This will be the funding source to repay the sales tax revenue bonds that are being considered to finance the project. The design and land acquisition phase of the project have been undertaken, and initial construction is expected to begin in October if this financing mechanism is approved.
Fiscal Impact:
The funding source for the repayment of the bonds is a State legislative appropriation for this purpose.
Recommended Action and/or Suggested Motion:
Recommendation
Finance Department recommendation: Take public comment, approve resolution approving the Preliminary Official Statement (this is the document potential investors will review when considering purchasing said bonds).
Motion to approve Resolution #23-46C.