HomeMy WebLinkAbout04/21/2010 7B DATE SUBMITTED: March 30, 2010
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
a�n�������o����e���������s■ ■�������������������������������a����a��ao�o����������a��������i
�o• ��
SUBJECT: Ordinance Au'thonzing the Committee Meeting Date: April 14, 2010
Issuance and Sale of Limited Tax General COi1NCIL MEETING Date: Apri121, 2010
Obligation Bonds for the Park Plaza Project Department: Financial Services
and Establishing the Terms of Sale of the Presenter: Barbara Stephenson
Bonds Phone: 360.473.5722
SUMMAR�': RCW Chapters 39.104, 82.14.505 and 82.14.510 authorize the imposition of local
sales and use t� for the purpose of financing improvements within a designated Revitalization Area.
The local sales and use tax is credited against the sales and use tax otherwise due to the State,
resulting in no net change in tax to the ta�cpayer. The City adopted an ordinance imposing the Local
Revitalization Fund Tax to be collected beginning July l, 2010, and expects to receive not to exceed
$330,000 annually.
The City Council deems it to be in the best interest of the City to borraw money by the issuance of
limited tax general obligation bonds in a principal amount not to exceed� q,lon0, C�lo,�and to pledge to
the repayment of the proceeds of the t� in order to provide funds to finance the Park Plaza Project,
Lions Park renovations and to pay costs of issuing and selling the bonds.
ATTACHMENTS: Ordinance No. 5 � 0
FISCAL IMPACTS (Include Budgeted Amount): Up to $°I�lo00,OZ�
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR: - "
MAYOR: �
CONIlVIITTEE CHAIR � � -.r � ��_
COUNCIL PRESIDENT: CONSENT AGENDA ❑
GENERAL BUSINESS �
PUBLIC HEARING ❑
RECOlVIMENDED MOTION: Move to pass Ordinance No. 5 � 0 q providing for the issuance
and sale of not to exceed $�t;l����'i limited tax general obligation bonds of the City to provide funds
with which to pay a portion of the costs of constnzcting a parking facility,a� Lions Park renovation$�-
providing for the additional pledge of the sale of certain sales and use t�es; and providing for the
terms of sale of the bonds.
%�-Q�(� �' �uYZhU�/ Qnd �c�� �OVQ�i0� 0-� Q buil�.in(� �Fo heUsedGl S
Gl, cmun�cc�al G�u�rt buicd��
COiJNCI�. AC�ON: [�Approve ❑ Deny ❑ Table ❑ Continue
❑ No Action