Title
Authorization of General Obligation Bond Anticipation Notes
Action
Action:
A. Adopt a resolution to authorize a bond anticipation notes program for up to $150,000,000 to be used for projects approved in the 2014 and 2016 referenda, and
B. Authorize City Officials to take the necessary actions to complete the financing, including making the application to the Local Government Commission.
Body
Staff Resource(s):
Kelly Flannery, Finance
Scott Greer, Finance
Explanation
§ This action authorizes a Bond Anticipation Notes (BAN) program for up to $150,000,000 for projects authorized by voters in the 2014 and 2016 bond referenda.
§ This is a routine financing mechanism for capital projects financed with debt.
§ This short-term BAN program will be used as construction period financing and converted to long-term, fixed-rate General Obligation Bonds once construction nears completion (up to 36 months).
§ This action authorizes City Officials named in the Resolution to take the necessary actions to complete the financing and execute related documentation for the life of the debt.
Fiscal Note
Funding: Municipal Debt Service Fund
Attachments
Attachment(s)
Bond Resolution