HomeMy WebLinkAboutItem 16 - Certificates of ObligationMEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, ACTING CITY MANAGER Z
MEETING DATE: AUGUST 16, 2005
SUBJECT: PROPOSED SALE OF COMBINED TAX AND REVENUE
CERTIFICATES OF OBLIGATION
RECOMMENDATION:
City Council to consider postponing action on sale of $2,070,000 of combination tax and
revenue certificates of obligation, Series 2005, until October 18, 2005.
BACKGROUND:
At the City Council meeting of July 5, 2005, the City Council authorized publication of a
notice of intent to sell $2,070,000 of combination tax and revenue certificates of obligation
for the purposes of construction of the Lake Parks improvement project and payment of
capitalized interest related thereto. Bids were received from two bidders for this project on
July 19, 2005.
It is staff's opinion that we can improve upon these bids by modifying the bid specifications
and re -bidding at a later date. This will take several weeks to accomplish. If the bids are
to be delayed, there is no reason to sell these certificates of obligation until later in the
year. No additional funding for the Lake Parks project will be required.
Staff recommends that the certificates of obligation sale scheduled for August 16, 2005 to
be postponed until October 18, 2005.
WAG/slt
August 10, 2005 (12:22PM)