Broken Arrow City Council
Meeting of: 10-20-15
To: Mayor and City Council
From: Finance Department
Title:
title
Consideration and possible approval of projects to be included in the sale of General Obligation Bonds, Series 2015A and 2015B
End
Background:
The City of Broken Arrow has authorized, but unsold bond funds related to projects approved by the citizens of Broken Arrow in April 2011, in the amount of $11,575,000.00 and August 2014, in the amount of $55,485,000.00 for a total of $67,060,000.00. Staff is recommending the sale of $11,575,000.00 in bonds authorized in 2011, and $6,625,000.00 in bonds authorized in 2014, for a total of $18,200,000.00 as shown on the attached Exhibit A. The sale of these bonds in this amount will allow the City to complete the sale of all authorized bonds in four years. Based on current estimates, the City's millage rate is estimated to be 17.69 for Fiscal Year 2017 as opposed to 17.10 in Fiscal Year 2016. The sale date will be set at the November 9, 2015 Council meeting and the sale awarded at the December 1, 2015 Council meeting. The closing on the bonds will take place in January 2016.
The bonds will be sold in two separate series. Series 2015A represents bonds authorized in April 2011 and Series 2015B represents bonds authorized in August 2014. Upon approval by the Council, staff will work with the City's Bond Counsel and Financial Adviser to prepare the necessary documents for consideration at the November 9, 2015 meeting.
Cost: $0
Prepared By: Thomas L. Caldwell, Finance Director
Reviewed By: Legal Department
Assistant City Manager
Approved By: Michael L. Spurgeon, City Manager
Attachments: Exhibit A - Proposed General Obligation Bond Projects
Recommendation:
Appr...
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