LEGISLATIVE RESEARCH CENTER
File #: 20-1309    Name:
Type: General Business Status: Agenda Ready
File created: 10/12/2020 In control: Broken Arrow City Council
On agenda: 10/20/2020 Final action:
Title: Consideration, discussion, and possible approval of Resolution 1349, a Resolution fixing the amount of General Obligation Bonds, Series 2020B to mature each year; fixing the time and place the bonds are to be sold; designating a Paying Agent/Registrar and Disclosure Counsel; approving the Preliminary Official Statement and distribution thereof; and authorizing the Clerk to give notice of said sale as required by law and fixing other details of the issue
Attachments: 1. Resolution 1349, 2. Notice of Sale of Bonds 2020B, 3. List of Projects, 4. KutakRock engagement letter 2020 B C Bonds
Date Action ByActionResultAction DetailsMeeting DetailsVideo
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Broken Arrow City Council

Meeting of: 10/20/2020

 

Title:

title

Consideration, discussion, and possible approval of Resolution 1349, a Resolution fixing the amount of General Obligation Bonds, Series 2020B to mature each year; fixing the time and place the bonds are to be sold; designating a Paying Agent/Registrar and Disclosure Counsel; approving the Preliminary Official Statement and distribution thereof; and authorizing the Clerk to give notice of said sale as required by law and fixing other details of the issue

End

 

Background:

.

The City Council earlier approved at a meeting on October 6, 2020 the projects list for the sale of $19,000,000 in General Obligation Bonds. Resolution #1349 sets the amount of bonds to be issued, the time and place of the sale. These bonds will be referred to as Series 2020B. The bonds are scheduled to be awarded at the November 17, 2020 City Council meeting and are anticipated to close in late December 2020.

On August 28, 2018 an election was held for the purpose of submitting to the voters the question of issuance of general obligation bonds and the following amount were approved at said election. (i) $142,625,000 to provide funds for the purpose of constructing and repairing streets within the City; (ii) $20,350,000 to provide funds for the purpose of purchasing, constructing and repairing public safety utilities within the City; (iii) $17,750,000 to provide funds for the purpose of purchasing, constructing, and repairing parks and recreation utilities of the City; (iv) $16,800,000 to provide funds for the purpose of purchasing, constructing, furnishing and equipping public buildings; (v) $7,500,000 for the purpose of constructing, reconstructing and repairing stormwater facilities; and  (vi) $5,500,000 for the purpose of drainage improvements to property exclusively owned or in part by said City

The 2020B Bonds will be the fourth series sold from the 2018 bond election; which will include $9,670,000 from proposition 1 (Streets), $500,000 from proposition #2 (Public Safety), $3,300,000 from proposition 3 (Quality of Life) and $5,530,000 from proposition #4 (Public Buildings and Facilities). The bonds will have a term of 20 years.

 

 

 

Cost:                                                                $   130,000 anticipated costs

Funding Source:                     Proceeds from the sale of Series 2020B Bond

Requested By:                      Cynthia S. Arnold, Finance Director

Approved By:                      City Manager’s Office

Attachments:                                          Resolution #   1349, Notice of Sale, Kutak Rock, LLP contract, list of projects
                                

Recommendation:

recommend

Approve Resolution No.1349 and authorize its execution 

end