AGENDA CAPTION:
Title
Consider approval of Ordinance 2023-52, on first and final reading, authorizing the issuance and sale of an amount not to exceed $32,700,000.00 of Combination Tax and Revenue Certificates of Obligation, Series 2023C, levying an ad valorem tax and pledging certain surplus revenues in support of the certificates; approving an official statement, a paying agent/registrar agreement for the city’s water and wastewater system; streets and transportation facilities; airport; technology infrastructure and facilities; public safety facilities; stormwater management system; and electric utility system; and the payment of professional services in connection therewith including legal, fiscal and engineering fees and the costs of issuing the certificates of obligation and other matters related thereto; and providing for the approval of this Ordinance 2023-52, on one reading as authorized by state law.
Body
Meeting date: August 1, 2023
Department: Finance
Amount & Source of Funding
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
Fiscal Note:
Prior Council Action: September 20, 2022, City Council approved Ordinance 2022-73(b), approving the Fiscal Year 2023 Capital Improvement Program. June 6, 2023, City Council approved Resolution #2023-105R, authorizing proceeding with the issuance of Certificates of Obligation and directing the publication of Notice of Intention to issue the certificates.
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Quality of Life & Sense of Place
Public Safety, Core Services & Fiscal Excellence
Environmental Protection
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Background Information:
The Fiscal Year 2023 Capital Improvement Program (CIP) was approved during the budget process. Projects included in the CIP spans the water and wastewater system, streets, airport, parks and recreation, technology, public safety, stormwater management, and electric utility system. Funding for these projects come from multiple sources, including certificates of obligation.
On June 6, 2023, City Council approved a resolution directing the publication of a notice of the City’s intent to issue certificates of obligation. Two public notices were published in the local newspaper on June 13th and June 20th and the notice was posted on the City’s website. The final action by City Council is the consideration of this ordinance authorizing the issuance of the certificates of obligation.
The certificates of obligation are expected to be sold in a competitive sale with bids scheduled the morning of August 1, 2023. A draft of the ordinance is attached and the final version will be provided on August 1, 2023, after the certificates of obligation are priced.
Council Committee, Board/Commission Action:
N/A
Alternatives:
N/A
Recommendation:
City Council approve the ordinance authorizing the issuance of Combination Tax and Revenue Certificates of Obligation, Series 2023C, in the amount not to exceed $32,700,000.