Title
Resolution Approving and Authorizing the Sale and Issuance of Limited Obligation Bonds and the Execution and Delivery of a Second Supplemental Trust Agreement, a First Supplement and Amendment to Deed of Trust and Related Documents in Connection with the Financing of New Firefighting Facilities
Body
Council Priority: Promote Public Safety & Reduce Crime
Department: Legislative
Council District: All
Public Hearing: n/a
Advertising Date/By: n/a
Contact 1 and Phone: Richard Lusk, 373-2077
Contact 2 and Phone: Charles Watts, 373-2320
PURPOSE:
In February 2020, the City proposes to sell up to $15.25 million Limited Obligation Bonds (LOBs) to finance the replacement of Fire Stations 7 and 56, new fire training facilities and emergency equipment. On December 17, 2019, City Council approved filing an application with the Local Government Commission (LGC) to authorize issuance of the LOBs, which were approved by the LGC on January 7, 2020. On January 21, 2020 the City Council will approve a bond sale resolution for the proposed bonds.
BACKGROUND:
On May 21, 2019, City Council authorized establishment of the Fire Stations Bond Fund (Series 2019) for the purpose of funding the replacement of Fire Stations 7 and 56, new fire training facilities and emergency equipment.
BUDGET IMPACT:
No increase in property taxes is needed to service the debt related to the proposed $15.25 million Series 2020A LOBs.
RECOMMENDATION / ACTION REQUESTED:
The Finance and Legal Departments recommend City Council approval of the attached resolution Approving and Authorizing the Sale and Issuance of Limited Obligation Bonds and the Execution and Delivery of a Second Supplemental Trust Agreement, a First Supplement and Amendment to Deed of Trust and Related Documents in Connection with the Financing of New Firefighting Facilities