HomeMy WebLinkAbout02-222 AGENDA BILL
BREMERTON CITY COUNCIL
1. SUBJECT: ORDINANCE NO. /--~L~L~I FOR AGENDA OF: November~ 2002
ORIGINATING DEPT: Finance
Authorizing the Issue of General Obligation Bonds to ORIGINATOR: Dick Saunders
Finance the Public Safety Facilities approved by the voters DATE SUBMITTED: November 7, 2002
on September 17, 2002 and Accepting the Pur~ase Offer
of Bank of America.
2. CLEARANCES~: Comment,,d~'ac'~kifl~e~essary) 3. EXHIBITS:
Finance Di rector
City Attorney "'-~~ .~- ~ Official Statement - ~Jv'~;I,~/~/. ;_ /~
Fiscal & Budge~ ~ ~'/~' ~-- ~ Purchase Offer (At Second Reading)
(~_~" ' Will be Distributed the night of November 20.
Operations ~---~ .L
ENDORSEMENTS_ ~ APPROVED BY COUNCIL PRESIDENT FOR SUBMITTAL:
4. SUMMARY STATEMENT AND REQUIREMENT FOR COUNCIL ACTION:
This ordinance will authorize the financing necessary to acquire additional police vehicles, fire trucks, apparatus and
equipment: and to acquire land, construct, remodel and equip new fire, police and court facilities. This project has
been reviewed by Council in the context of the 2002 - 2007 ClP and is included in the 2003 preliminary budget· The
bond issue proposed is a 25 year, Unlimited Tax General Obligation with level debt service. While the debt will be a
general obligation of the City, it is expected that repayment will be made fi.om annual property tax levies upon
property in the City as approved by the voters on September 17, 2002.
8. RECOMMENDATION:
Move to pass on second reading Ordinance No.~.~[authorizing the bond issue for the acquisition of Public Safety
Equipment and Facilities and to accept the purchase offer of Bank of America.
9. RESPONSIBLE OFFICIAL: Finance Director
ENFORCEMENT OFFICIAL: Mayor
EXPIRATION DATE: Dec. 1,2027
REVIEW DATE: N/A
'10. NOTICE OF ACTION
PULLED __ TABLED__ APPROVED__ DISAPPROVED__AMENDED __
COUNCIL DIRECTIVE:
Ii. AGENDA BILL NO: 0o~.~ ~-~.~ ~t~
2. CLEARANCE COMMENTS:
5. IMPACT ON NON-PASSAGE:
The City will not have the funding necessary to pay for the Equipment or facilities authorized by the voters.
6. IMPACT ON STAFFING~ BUDGETS~ FACILITIES~ EQUIPMENT OR OTHER RESOURCES:
This project and financing am included in the 2003 preliminary Budget.
7. RESEARCH SOURCES:
Bank of America. City's bond counsel.