SUBJECT:
Consideration and Action regarding Resolution No. 2023-02, Declaring intention to reimburse an amount not to exceed $16,950,000 for certain capital expenditures with proceeds from debt; and placing time restrictions on the issuance of tax-exempt obligations. Authorization for the sale of $16,950,000 in General Obligation Bonds.
BACKGROUND/DISCUSSION:
Voters in Saginaw approved three bond propositions on May 1, 2021. Bond propositions included: $37,550,000 for street and roadway improvements, $18,700,000 for a new library, and $11,200,000 for park improvements and a new senior center. The proposed $16,950,000 bond sale will include $3,400,000 for the Knowles-McLeroy intersection, $9,550,000 for phases 2 and 3 of Knowles Drive, and $4,000,000 for park improvements.
FINANCIAL IMPACT:
A financial analysis and proposed timetable will be presented to the City Council by Andrew Friedman of SAMCO Capital Markets.
RECOMMENDATION:
Staff recommends approval of issuing $16,950,000 in voter approved general obligation bonds and approval of the intent to reimburse resolution. |