TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Henry Mitzner, Controller
Libby Bretthauer, Senior Financial Analyst
SUBJECT:Title
Consider Adopting Resolutions Approving Financing Documents and Authorizing the Execution and Delivery of Limited Obligation Improvement Bonds for Underground Utility Assessment Districts (UUAD) 19-12 and 19-14 and Approval to Sell Bonds for Districts 19-12 and 19-14 (Finance Director Charelian).
a) ADOPT RESOLUTION NOS. 19-0101 AND 19-0102
b) APPROVE SALE OF BONDS FOR UUAD 19-12 AND UUAD 19-14
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council: a) adopt Resolution Nos. 19-0101 and 19-0102 approving the issuance of the Bonds and authorizing the execution and delivery of the Fiscal Agent Agreements, Bond Purchase Agreements, Preliminary Official Statements, and Continuing Disclosure Certificates for Underground Utility Assessment Districts (UUAD) 19-12 and 19-14, respectively; and b) approve the sale of bonds for principal amounts not to exceed $6,735,000 and $6,810,000 for UUAD 19-12 and UUAD 19-14, respectively.
FISCAL IMPLICATIONS:
The following not to exceed totals for UUAD 19-12 and UUAD 19-14 resulted from the outcome of the Proposition 218 balloting procedures:
Category District 19-12 District 19-14
Number of Assessable Parcels 228 244
Design Costs $ 197,308.45 $ 225,178.45
Construction Costs $5,309,833.06 $5,345,831.47
Project Contingency Costs $ 265,491.65 $ 267,291.57
Incidental Expenses $ 332,634.06 $ 334,814.07
Bond Costs $ 629,732.78 $ 636,884.44
Total Undergrounding Costs $6,735,000.00 $6,810,000.00
The City will be reimbursed for total costs incurred, including Assessment Engineering fees, utility design fees, and past and future staff time up to the amount of $332,634 for UUAD 19-12 and $334,814 ...
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