HomeMy WebLinkAbout01-019 AGENDA BILL
BREMERTON CITY COUNCIL
January 17, 2001
I
1. SUBJECT: ORDINANCE NO. ~r- / ,.~ { FOP. AGENDA OF: January 24, 2001
ORIGINATING DEPT: Treasurer~//
AUTHORIZING THE ISSUE OF A $1,250,000 TAX ORIGINATOR: Rich
ANTICIPATION NOTE AND ACCEPTING THE DATE SUBMITTED: JanuaryS, 2001
PURCHASE OFFER OF SANK OF AMERICA
2. CLEARAMCES: ~omment of back if necessary) 3. EXHIBITS:
ti.
Dir. Admin. Services ,,,,~, ~~ Proposed Ordinance ~--7 ~ {
Fiscal and Budget Comm. ,~,,/~) Preliminary Official Statement
Operations Com Cash Flow Projection
Note Purchase Offer (at second reading)
ENDORSEMENTS X INFORMATION__ APPROVED BY COUNCIL PRESIDENT FOR SUBMITTAL:
MA OR
COUNCIL PRES
4. SUMMARY STATEMENT AND REQUIREMENT FOE COUNCIL ACT, ION:
As indicated in the attached documents, the City's General Fund will operate in a deficit cash position at certain times
during the year without some form of cash flow financing. Analysis indicates that issuance of a Tax Anticipation
Note, or TAN is the most economical way of financing this cash flow need.
8. RECOMMENDATION:
"- ..,,~. .....;;;~,';,C.;;,:-;7,~ ........-"..7..:._! _.!_...~!~*__=. _
Move to pass on second reading Ordinance No. ~f-7 '~authodzing the issue of a Tax Anticipation Note and
accepting the purchase offer of Bank of America.
9. RESPONSIBLE OFFICIAL: Treasurer
ENFORCEMENT OFFICIAL: Mayor
EXPIRATION DATE: January 31, 2002
REVIEW DATE: N/A
10. NOTICE OF~CTION
PULLED__ TABLED__ APPROVED .JDISAPPROVED __ AMENDED
COUNCIL DIRECTIVE:
,,.
2, CLEARANCE COMMENTS:
5. IMPACT ON NON-PASSAGE:
The City's General Fund will operate for a portion of the year with a negative cash balance which is contrary to
statute.
6. IMPACT ON STAFFING, BUDGETS. FACILITIES. E(~UIPMENT OR OTHER RESOURCES:
Included in the 2001 - 2002 Budget.
7. RESEAR¢~H sOURCES:
Cash flow projections. Bond counsel. Negotiations with underwriting bank.