HomeMy WebLinkAbout12/02/2015 5D AGENDA BILL � D
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Ordinance No. 5291 Study Session Date: November 10, 2015
providingfor the issuance and sale of not COUNCIL MEETING Date: December 2, 2015
to exceed $4,500,000 principal amount of Department: Financial Services
Unlimited Tax General Obligation bonds Presenter: Cathv Johnson
and delegating authority to the Mayor or Phone: 473-5296
Director of Financial Services to approve
final terms of the bonds
SUMMARY: On November 3, 2015 the voters approved the issuance of no more than $4.5 million of
bonds to finance the purchase of fire apparatus, fire and life safety equipment and remodel fire
facilities of the City. The bond issue proposed is a 10 year, Unlimited Tax General Obligation with
level debt service. It is expected that repayment will be made from annual property tax levies upon
property in the City as approved by the voters.
The attached ordinance delegates to the Mayor or Director of Financial Services the ability to setthe
date and rates for the final sale of the bonds. The ordinance sets the parameters under which this
can occur. By doing this, the City can react to changing market conditions quickly without being tied
to a date certain based on Council meeting schedules.
ATTACHMENTS: Ordinance No. 5291
FISCAL IMPACTS (Include Budgeted Amount): Issuance of the bonds will be included in the 2015
year end budget adjustment. The proposed 2016 budget anticipates capital expenditures from the
proceeds of this issue and associated debt service. The property tax levy for collection in 2016
includes a levy sufficient to cover debt service payments.
STUDY SESSION AGENDA: ❑ No Presentation � Full Presentation
STUDY SESSION ACTION: ❑x Consent Agenda ❑ General Business ❑ Public Hearing
RECOMMENDED MOTION: Move to approve Ordinance No. 5291 of the City of Bremerton,
Washington, providing for the issuance and sale of not to exceed $4,500,000 principal amount of
Unlimited Tax General Obligation bonds and delegating authority to the Mayor or Director of
Financial Services to approve final terms of the bonds.
COUNCIL ACTION: [�Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/07/15