Broken Arrow City Council
Meeting of: 10-03-17
To: Mayor and City Council
From: Finance Department
Title:
title
Consideration, discussion, and possible approval of projects to be included in sale of General Obligation Bonds, Series 2018
End
Background:
The City of Broken Arrow has authorized but unsold bond funds related to projects approved by the citizens of Broken Arrow in August 2014 in the amount of $30,140,000. Staff is recommending the sale of $18,755,000 in bonds authorized in 2014 as shown on the attached Exhibit. The sale of these bonds in this amount will allow the City to complete the sale of all authorized bonds in two years. Based on current estimates, the City’s millage rate is estimated to be 16.84 for Fiscal Year 2018 as opposed to 16.92 in Fiscal Year 2017. The present schedule is for Council to consider a resolution setting the sale date at the November 21, 2017 Council meeting and the sale awarded at the December 19, 2017 Council meeting with the closing on the bonds to take place around first of February 2018.
The bonds will be sold as Series 2018. Upon approval by the Council, staff will work with the City’s Bond Counsel and Financial Advisor to prepare the necessary documents for consideration at the November 21, 2017 meeting.
Cost: $0
Prepared By: Tom Cook Jr., Acting Finance Director
Reviewed By: Legal Department
Assistant City Manager Administration
Assistant City Manager Operations
Approved By: Michael L. Spurgeon, City Manager
Attachments: Exhibit - Proposed General Obligation Bond Projects
Recommendation: Approve projects to be included in General Obligation Series 2018 sale.