Agenda Item Title:
Title
Consideration for adoption of a resolution authorizing the issuance and sale of not more than $10,000,000 aggregate principal amount of Sales Tax Revenue Bonds, Series 2023; and related matters for the Monroe Street Project.
Body
Presenter:
Brian Kelly, Administrative Services Director
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Description/Background:
In fiscal year 2022 the City began to receive additional road funding distributions from the State for city projects. This funding will continue for a period of 10 years. The intention of the City is to use these funds to complete the Monroe Street extension project. Issuing bonds at this time will allow the project to advance forward while the funding from the State will be used to cover the debt service on the bonds.
Fiscal Impact:
It is anticipated State funding should cover the associated costs. Due to changes in interest rates, cost of issuance, and inflation there may be a funding gap that occurs based on the final project cost. There would be until the end of 2025 to come up with additional funding if there is a gap.
Recommended Action and/or Suggested Motion:
Recommendation
Finance staff recommends the Council adopts the Parameters Resolution calling for the issuance of bonds.
Motion to adopt Resolution 23-44C.