HomeMy WebLinkAbout05-185
DATE SUBMITTED: 8-3-05
BILL t()S=--/P S
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
........................................................................................
NO. 4'14.+
SUBJECT: Ordinance autnorizmg the sale
and issuance of a 2005 Water and Sewer
revenue bond for the purpose of paying the
costs of improvements related to Utility
Local Improvement District No. 2002-01
Committee Meeting Date: 8-10-05
COUNCIL MEETING Date: 8-17 -05
Department: Financial Services
Presenter: Laura Lyon
Phone: 473-5722
SUMMARY: The City established ULID No. 2002-01 by Ordinance No. 4837. After notice and
hearing required by law, the City approved and confirmed the final assessments and assessment roll of
ULID No. 2002-01 in the total amount of $467,841.00 by Ordinance No. 4935. Assessments in the
amount of$61,254.17 were paid during the 30-day period for making cash payments without penalty,
interest or costs. This Ordinance authorizes thz-sale and issuance of a 2005 Water and Sewer
Revenue Bond to repay and retire the interfund loan incurred to pay the costs of the improvements,
make a deposit into the reserve account, and to pay costs incurred to issue such debt. Bank of
America, N.A has proposed, by way of non-binding proposal letter to purchase such revenue bond
upon the terms and conditions set forth therein.
ATTACHMENTS: Ordinance, Discussion Memo, Proposed Term Sheet from Bank of America,
Ceritificate Regarding Prepayment of Assessments, and Council Summary of the Hearing for
Approval and Confirmation ULID Assessment Rols for UUD 2002-01.
FISCAL IMPACTS (Include Budgeted Amount): Proceeds from the sale and issuance of this
revenue bond, in combination with funds on hand provide for repayment of the interfund loan (plus
accrued interest through 8/31/05) and anticipated debt issuance costs.
FISCAL/BUDGET:
OPERATIONS:
COUNCIL PRESIDENT:
RECOMMENDED MOTION:
/
APPROVALS:
DEPARTMENT DIRECTO
CITY ATTORNEY:
FINANCE DIRECTOR:
MAYOR:
Move to approve Ordinance No. -A- q +4 authorizing the sale and issuance of a 2005 water and
sewer revenue bond with a par amount of $ ~D(;;,I 5"~7 for the purpose of repaying and retiring the
interfund loan incurred to pay the costs of the ULID No. 2002-01 improvements, make a deposit into
the reserve account, and to pay costs incurred to issue such debt.
COUNCIL ACTION: ~ove
D Deny
D Table
D Continue D No Action