Title
Approving a resolution with caption reading: RESOLUTION APPROVING PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING DISTRIBUTION OF SUCH PRELIMINARY OFFICIAL STATEMENT RELATING TO THE CITY'S COMBINATION TAX AND LIMITED REVENUE CERTIFICATES OF OBLIGATION, SERIES 2015 AND LIMITED TAX BONDS, SERIES 2015.
Summary
This resolution is the next step in the process of issuing debt. The City will be issuing up to $26,500,000 in certificates of obligation for street, park and utility projects (see list attached) and up to $12,200,000 in general obligation (limited tax) bonds for street and park projects authorized by citizens in the 2014 bond election. This is the first issuance related to the 2014 election, including $10.2 for street projects (of the $28 million authorized) and $2 million for parks projects (of the $25 million authorized).
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, prepared by bond counsel, will approve the preliminary official statement and authorize its distribution. A copy of the preliminary official statement was emailed to the City Council on Wednesday, February 18. A copy of the final official statement will be given to each City Councilmember when it is complete.
Information contained in the preliminary official statement is often structured on market conditions and therefore subject to change. Any differences reflected between the issuing numbers provided above and that included in the preliminary official statement reflect anticipated market conditions, providing the City a premium on the issuance.
Mr. Terrell Palmer, the City's financial advisor, and a representative from the city's bond counsel will be at the City Council meeting to answer any questions you may have.
Prior City Council Action
At the January 27, 2015 Council meeting, a resolution was approved to begin the...
Click here for full text