HomeMy WebLinkAbout02-016 AGENDA BILL
BREMERTON CITY COUNCIL
1. SUI~JECT: ORDINANCE NO. '~'~ (~{~ FOR AGENDA OF: Jan. 30, 20
ORIGINATING DEPT: Treasu r,~.'v~,,~
Authorizing the Issue of a Line of Credit Note and ORIGINATOR: Rich I-~na~'/
Accepting the Proposal of Bank of America. DATE SUBMITTED: January 10, 2002
2. CLEARANCES: Comment of back if necessary) 3. EXHIBITS:
Dir. Admin Serv. ~ ~::~~ Note Ordinance ~'7~O
Fiscal & Budget~ Bank Offer Letter
Operations~
ENDORS~ II'~r~ __ APPROVED BY COUNCIL PRESIDENT FOR SUBMITTAL:
MAYOI=~'~ ~UNC,L PRES,DENT ~- ~
4. SUMMAI~' STATEMENT AND REQUIREMENT FOR COUNCIL ACTION:
This ordinance will authorize a Limited Tax General Obligation note which will be issued to secure a line of credit with
the Bank of America. This note will replace an existing note, issued in 1994, which provides financing to the City's
Abatement Revolving Fund. This fund utilizes the line of credit to finance qualifying abatement actions. The debt
service requirements of the line of credit are paid from the collection of abatement liens.
8. R OM NATION:
....... ~ .......................... ~ .... ~.~ ,~u~ m.u ~p[~.g [~u uH~ u~ ~.,~ ~
Move to pa~ on ~cond reading O~inance No.w-~ authorizing the ~e i~ue and a~pting the offer of Bank of
Amelia.
9. RESPONSIBLE OFFICIAL: Treasurer
ENFORCEMENT OFFICIAL: Mayor
EXPIRATION DATE: Jan. 31, 2005
REVIEW DATE: N/A
10. NOTICE OF ACTION
PULLED __ TABLED APPROVED /DISAPPROVED __ AMENDED __
COUNCIL DIRECTIVE:
11. AGENOA BILL NO: ~)~--" ~)[~2
2. CLEARANCE COMMENTS:
5. IMPACT ON NON-PASSAGE:
The City will not have this funding source available to carry out abatement actions. Also, an alternative financing
source will be necessary for certain ongoing abatement actions.
6. IMPACT ON STAFFING, BUDGETS. FACILITIES. EQUIPMENT OR OTHER RESOURCES:
The budgetary impact will be determined by the number and size of abatement actions qualifying for Line of Credit
financing which are undertaken.
7. RESEARCH SOURCES:
Staff analysis, bond counsel, and negotiations with B. of A.