HomeMy Public PortalAboutAB 03-90 Water Revenue BondsCITY COUNCIL City of McCall
AGENDA BILL 216 East Park Street
Number AB 03-90 McCall, ID 83638
Date June 26, 2003
ITEM INFORMATION
SUBJECT:
Original Agenda Date &
Bill No.
Adoption of Ordinance 779
Department/Committee/Individual
Initials
Remarks
Authorizing Issuance of
A
Mayor / Council
Water Revenue Refunding
P
City Manager
Bonds and Providing Detailed
P
Finance Director/City Clerk
Specifications
R
Deputy City Clerk
O
Community Development
V
Police Chief
A
Public
Works
L
Director of Golf & Parks Operations
COST IMPACT:
S
Recreation Director
FUNDING SOURCE:
Airport Manager
Librarian
TIMELINE:
City Attorney
Summer 2003
Grant Coordinator
SUMMARY STATEMENT: Ordinance 779 authorizes and provides for the issuance of Water Revenue Refunding Bonds, Series 2003,
in the principal amount of $5,650,000, This Bond will currently refund the City’s outstanding Water Revenue Bonds, Series 1994, and it’s parity lien Water Revenue Bonds Series 1996;
This Ordinance describes the Bonds, the date of issuance, the form, maturities, registration and authentication of the Bonds, fixes the rates of interest on the bonds, provides for the
application of the bond proceeds, establishes funds and accounts, provides for the collection and disposition of revenues, provides covenants relating to the Bonds and to the tax exempt
status of the interest on the Bonds, provides for the sale and delivery of the Bonds, provides additional instruction on related matters and provides an effective date.
The information
in the pre-meeting Council Packet contains Draft documents. Final documents will be provided at the meeting and should change primarily with the insertion of pricing information which
will be determined the morning of June 26, 2003.
RECOMMENDED ACTION: Suspend the rules, read by title only, one time only Ordinance No. 767(correction:Ord 779). Adopt Ordinance
No. 767(correction: Ord 779). Authorize the Mayor, City Manager and City Treasurer/Clerk to sign the appropriate documents and establish the necessary accounts and procedures.
RECORD
OF COUNCIL ACTION
Meeting Date
Action
June 26, 2003
Suspended the rules, read by title only, one time only Ordinance No. 779. Adopted Ordinance No. 779 subject to possible amendment in section 3 between now and July 15,
2003 to reflect accurate sales figures, and authorize the Mayor, City Manager and City Treasurer/Clerk to sign the appropriate documents and establish the necessary accounts and procedures.