HomeMy Public PortalAboutAB 21-069 Library Bond Election OrdinanceMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 21-069
Meeting Date March 11, 2021
AGENDA ITEM INFORMATION
SUBJECT:
Request for Ordinance Adoption Calling for A General Obligation Bond Election May 18, 2021 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 $4.5 Million
Parks and Recreation
FUNDING SOURCE:
General Obligation Bond Issuance
Airport
Library
TIMELINE:
Election documents are due to the County Clerk by March 29, 2021
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
At the January 28, 2021 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 draft
ordinance includes a bond size (or amount) not to exceed $4,500,000 which is the estimated project cost of $6,500,000 less cash, grants, and pledges received in the amount of $2,000,000.
A term of 20 years for the bond is also in the draft ordinance.
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:
Suspend the rules and read by title only, one-time only Ordinance ____.
Adopt Ordinance ____ calling for a General Obligation Bond Election on May 18, 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
January 28, 2021
Council directed staff to schedule Bond Ordinance adoption process and prepare materials for May 18, 2021 election.