HomeMy WebLinkAbout10/20/2010 5G DATE SUBMITTED: 10/OS/2010
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
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SUBJECT: Resolution No. 3 IZ g Committee Meeting Date: October 13, 2010
providing for certain terms and covenants COUNCIL MEETING Date: October 20, 2010
relating to the Limited Tax General , Department: Finance
Obligation Bonds, 2010B to provide funds Presenter: Cathy Johnson
with which to pay a portion of the costs of Phone: 473-5296
Constructing the Park Avenue Plaza.
SUMMARY: Ordinance No. 5109 passed on Apri121, 2010 authorized the issuance and sale of the
City's Limited Tax General Obligation Bonds, 2010, in the principal amount of not to exceed
$9,600,000. On May 28, 2010 the City issued LTGO bonds in the principal amount of $6,910,000.
The remaining balance was to be issued only if the city was not successful in receiving grant funds for
the balance of the project. At this time grant funds have not been awarded and it has been determined
that any funds received would not be eligible for completion of the project in progress. By issuing the
bonds at the same time as the 2010 UTGO Refunding bonds the city can minimize the cost of
issuance.
ATTACHMENTS: Resolution No. 3 l�-'4
FISCAL IMPACTS (Include Budgeted Amount): If approved, the annual debt service will be
approximately $170,000 per year over the twenty year life of the issue. Debt service for the Park
Avenue Plaza project, in excess of the state funded local revitalization financing, is planned to come
from future Real Estate Excise tax revenues.
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY: -
FINANCE DIRECTOR:
MAYOR:
COMMITTEE CHAIR C-- - �
COUNCIL PRESIDENT: � CONSENT AGENDA
, GENERAL BUSiNESS ❑
PUBLIC HEARING ❑
RECOMMENDED MOTION: Move to adopt Resolution No. 3(�_ providing for certain terms
and covenants relating to the Limited Tax General Obligation Bonds, 2010B�to provide fund with
which to pay a portion of the costs of constructing the Park Avenue Plaza.
COUNCIL ACTION: []V Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action