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HomeMy Public PortalAboutAB 21-215 Bond Ordinance No. 1005McCALL CITY COUNCIL 216 East Park Street AGENDA BILL McCall, Idaho 83638 Number AB 21-215 Meeting Date August 26, 2021 AGENDA ITEM INFORMATION  SUBJECT: Request for Ordinance Adoption Authorizing the Issuance and Sale of 2021 General Obligation Bonds 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: $4.2 Million Parks and Recreation    FUNDING SOURCE: Issuance and Sale of 2021 General Obligation Bonds not to exceed $4.2 Million Airport      Library    TIMELINE: Negotiated Bond Sale September 8, 2021 Information Systems      Grant Coordinator    SUMMARY STATEMENT: The next step in the process to issue and sell bonds for the Library project authorized by voters in May, and to “deem final” the Preliminary Official Statement for the bonds, is to adopt Ordinance No. 1005. The Ordinance delegates authority to the City Treasurer and City Manager to finalize certain terms of the bonds, with guidance and advice from the City’s municipal advisor, Zion’s Public Finance, and within the limits approved by voters, and to execute a bond purchase agreement with Piper Sandler as the underwriter for the bond issue. The Ordinance also establishes certain funds of the City for managing the library project, paying the issuance costs on the bonds, and collecting tax revenue for the repayment of the bonds. 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. Michael Keith with Piper Sandler, the firm the Council selected as underwriter for the negotiated sale of the 2021 General Obligation bond issue for the library project, will also be attending the meeting to introduce himself and the firm, as well as answer any questions the Council may have for him. The Ordinance and summary are attached. Also attached is the Preliminary Official Statement from Skinner Fawcett LLP, Bond Counsel.  RECOMMENDED ACTION: Suspend the rules and read by title only, one-time only Ordinance No. 1005. Adopt Ordinance No. 1005 Authorizing the Issuance and Sale of 2021 General Obligation Bonds for the Library Expansion Project.  RECORD OF COUNCIL ACTION  MEETING DATE ACTION  07/22/2021 Council accepted the recommendation of a negotiated sale process for the 2021 GO Bond issuance and authorized the circulation of the RFP for an underwriter.  08/12/2021 Council accepted the recommendation of Piper Sandler as underwriter for the 2021 GO Bond issuance.