Broken Arrow City Council
Meeting of: 11-09-15
To: Mayor and City Council
From: Finance Department
Title:
title
Consideration, possible approval of and authorization to execute Resolution Number 899, a resolution fixing the amount of Series 2016B bonds to mature each year, fixing the time and place the bonds are to be sold and authorizing the Clerk to give notice of said sale as required by law; ratifying and confirming a Legal Services agreement and a Financial Advisor Services agreement with respect to the issuance of such bonds and approving the Preliminary Official Statement pertaining thereto
End
Background:
The City Council approved at its October 20, 2015 meeting the sale of $6,625,000 in General Obligation Bonds for the projects listed on Exhibit A. These bonds were originally anticipated to close in December 2015 and were referred to as Series 2015B. As a result of changing the sale date to December 1, the bonds will now close in January 2016 and be referred to as Series 2016B. There has been no change in the projects previously approved.
The proposed sale represents the second series of bonds to be issued pursuant to the election held August 26, 2014, at which the qualified electors of the City approved an aggregate amount of $59,935,000 in general obligation bonds for specified capital improvements. The previous series was in the amount of $11,705,000 and dated December 1, 2014. These bonds will have a term of twenty (20) years and the sale date for these bonds will be December 1, 2015.
Staff recommends that the Council approve Resolution Number 899 and authorize its execution.
Cost: $100,000 estimated issuance costs
Prepared By: Thomas L. Caldwell, Finance Director
Reviewed By: Legal Department
Assistant City Manager
Approved By: Michael L. Spurgeon, City Manager
Attachments: Series 2016B Project Listing
Resolution 899
Recommendation:
Approve Resolution 899 and authorize its execution.