HomeMy Public PortalAboutAB 20-061 Library GO Bond Election OrdinanceMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 20-061
Meeting Date February 27, 2020
AGENDA ITEM INFORMATION
SUBJECT:
Request for Ordinance Adoption Calling for a
General Obligation Bond Election May 19, 2020
for the Library Expansion Project
Department Approvals Initials
Originator
or
Supporter
Mayor / Council
City Manager
Clerk
Treasurer Originator
Community Development
Police Department
Public Works
Golf Course
COST IMPACT: Bonding Authority up to $6.2 Million Parks and Recreation
FUNDING
SOURCE:
General Obligation Bond Issuance
Airport
Library
TIMELINE: Election documents are due to the County
Clerk by March 20, 2020
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
At the February 13, 2020 Council meeting the Council provided the direction to staff to bring a draft bond
election ordinance back for the Council’s consideration for adoption. The Council selected a bond size (or
amount) not to exceed $6,200,000 which is the estimated project cost of $8,200,000 less cash, grants and
pledges received in the amount $2,000,000. A term of 20 years for the bond was also selected.
Henry Rudolph, Bond Counsel, with Skinner Fawcett and Christian Anderson, Financial Advisor, with
Zion’s Bank will be attending the meeting to answer any further questions the Council may have. The
ordinance and summary are attached.
RECOMMENDED ACTION:
1. Suspend the rules and read by title only, one-time only Ordinance ____.
2. Adopt Ordinance ____ calling for a General Obligation Bond Election on May 19, 2020 to provide
financing for the Library Expansion Project, approve the summary for publication and authorize
the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE ACTION
February 13, 2020 Council directed staff and bond counsel to prepare an ordinance calling for a bond election.