TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Henry Mitzner, Controller
SUBJECT:Title
Consider Adopting Resolution Approving Financing Documents and Authorizing the Execution and Delivery of Limited Obligation Improvement Bonds for Underground Utility Assessment District (UUAD) 19-4 and Approval to Sell Bonds for UUAD 19-4 (Finance Director Charelian).
a) ADOPT RESOLUTION NO. 20-0016
b) APPROVE SALE OF BONDS FOR UUAD 19-4
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council: a) adopt Resolution No. 20-0016 approving the issuance of the Bonds and authorizing the execution and delivery of the Fiscal Agent Agreement, Bond Purchase Agreement, Preliminary Official Statement, and Continuing Disclosure Certificate for Underground Utility Assessment District (UUAD) 19-4; and b) approve the sale of bonds for a principal amount not to exceed $7,255,000.
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FISCAL IMPLICATIONS:
The following not to exceed total for UUAD 19-4 resulted from the outcome of the Proposition 218 balloting procedures:
Category District 19-4
Number of Assessable Parcels 167
Design Costs $ 189,726.00
Construction Costs $5,279,613.61
Project Contingency Costs $ 527,961.36
Incidental Expenses $ 628,271.25
Bond Costs $ 629,427.78
Total Undergrounding Costs $7,254,999.80
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 $507,480. These totals were calculated by the Assessment Engineer and the City's Financial Advisor.
BACKGROUND:
At the regular meeting on January 7, 2020, the City Council conducted a public hearing and heard testimony either in support of or opposition to the UUAD 19-4. After tabulating the assessment ballots, the District was authorized and formed by approval of ...
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