HomeMy WebLinkAboutItem 02 - Certifictes of Obligation ITEM
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER /Z
MEETING DATE: MAY 5, 2009
SUBJECT: ORDINANCE TO AUTHORIZE THE ISSUANCE OF CERTIFICATES
OF OBLIGATION
RECOMMENDATION:
Staff recommends the Council approve the Ordinance issuing Certificates of Obligation for
the purchase of new equipment and the funding for construction of the Convention and
Visitor's Bureau Office Building.
BACKGROUND:
At the March 24, 2009 City Council meeting, the City Council passed a Resolution giving
notice of intent to issue Certificates of Obligation at the May 5, 2009 City Council meeting.
This Bond Ordinance completes the sale of the Certificates of Obligation which will be
used for the following purposes:
Equipment Purchases:
Fire Engine * $490,000
Quint* $720,000
Police Patrol Cars * $228,000
Golf Cart Replacements $195,060
Total $1,633,060
CVB Office Building Completion ** $7,285,000
* Previously purchased and approved with Reimbursement Resolutions
** Total construction is $11,700,000, of which $4.615 million has previously been
issued.
Staff recommends approval.
JFM/slt