Title
Approving a resolution with a caption reading: RESOLUTION APPROVING PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING DISTRIBUTION OF SUCH PRELIMINARY OFFICIAL STATEMENT RELATING TO THE CITY'S COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION.
Summary
This resolution is the next step in the process of issuing debt to finance the construction of Impact Way in the 130 Commerce Center (PCDC Renewable Energy Park). The issuance of these bonds will be used for constructing, improving, extending, expanding, upgrading and/or developing City streets, intersections, drainage, sidewalk and other traffic improvement projects and related costs and purchasing any necessary right-of-way, including Impact Way, and constructing, improving and extending the City's waterworks and sewer system in conjunction with the road project.
City staff, the City's financial advisor and the City's bond counsel have been updating the official statement which is the informational document that is sent to prospective investors. This resolution will approve the preliminary official statement and authorize its distribution. A copy of the preliminary official statement will be delivered to the City Council prior to this meeting. A copy of the final official statement will be given to each City Councilmember when it is complete. The City's financial advisor and bond counsel will be in attendance to answer any questions that City Council may have.
Prior City Council Action
On November 26, 2013, the City Council approved a Notice of Intent Resolution for this bond issue. Earlier in this meeting Council held a public hearing regarding this debt issuance.
Projected Future City Council Action
During this meeting Council will consider a resolution to delay the award of sale of the Certificates until February 11, 2014. On February 11, 2014, the Council will consider an ordinance to award the sale of the Certificates.
Fiscal Impact
There is no fiscal impact to the city resulting from this debt issuance. On November 26, 2013 Council approved an agreement between the City and PCDC whereby PCDC agreed to pay debt service payments on this debt issuance.
Staff Recommendation
Approve the resolution.
Drafter
Lauri Gillam
Assistant City Manager