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.