Explanation
1. Background
This ordinance authorizes the issuance and sale of a special assessment bond anticipation note in the amount of $161,000.00 for the Morningstar/North-Forty Street Lighting Assessment Project ($161,000.00). This note shall be sold to the City's Treasury and Investment Board.
2. Fiscal Impact
A note in an amount not to exceed $161,000.00 will be issued. It is the intent that the debt service associated with the issuance of the note will be paid from assessments paid by the property owners benefiting from the Morningstar/North-Forty Street Lighting Assessment Project.
3. Emergency Designation
Emergency action is requested to allow for immediate funding of the resident portion of the Morningstar/North-Forty Street Lighting Assessment Project, which will allow the Department of Public Utilities to enter into contract(s) for and begin such improvements.
Title
To authorize the issuance and sale of a special assessment bond anticipation note in the amount of $161,000.00 for the Morningstar/North-Forty Street Lighting Assessment Project; and to declare an emergency ($161,000.00).
Section 44-1(b)
Body
WHEREAS, pursuant to Ordinance No. 2997-2022 passed November 21, 2022, this Council determined to proceed with the street lighting project described below in accordance with Resolution No. 0014X-2019 adopted by this Council on February 4, 2019; and
WHEREAS, the City Auditor has certified to this Council that the estimated life of the improvements to be constructed from the proceeds of the bonds and the note hereinafter referred to exceeds five (5) years, the maximum maturity of bonds being ten (10) years and the maximum maturity of the note being ten (10) years; and
WHEREAS, it is deemed necessary to issue a note in anticipation of the issuance of bonds, in the amount of $161,000, to provide for the payment of a portion of the costs of the street lighting project described be...
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