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7) Operating costs of the proposed improvements. <br />8) Alternative for providing services most efficiently through shared facilities with other cities or local <br />governments. <br /> <br />The CIP is a strategic planning tool used to assist the City Council in identifying and addressing community needs <br />through long-term capital planning and balanced public investment in supporting the city’s physical infrastructure. <br />Staff and Council have reviewed the proposed 2020-2025 CIP. <br /> <br />Staff has been working with our financial advisor, Baker Tilly, in recommending the issuance of $9,895,000 General <br />Obligation Capital Improvement Plan Bonds, Series 2020A, to finance the Public Safety Facility expansion and a <br />portion of Fire Station 3, with the remaining bonds to be issued in 2021. <br /> <br />It is also recommended to refund the city’s existing debt. The issuance of $5,970,000 General Obligation Capital <br />Improvement Plan Refunding Bonds, Series 2020B, will refund the General Obligation Capital Improvement Plan <br />Bonds, Series 2010A, and the General Obligation Capital Improvement Plan Bonds, Series 2012A, resulting in <br />savings of about $300,000. <br /> <br />The issuance of $7,295,000 Taxable General Obligation Sewer Revenue Refunding Bonds, Series 2020C, will refund <br />the General Obligation Sewer Revenue Bonds, Series 2014B, resulting in savings of about $393,000. <br /> <br />Financial Impact <br />Projects and funding sources are identified in the 2020-2025 CIP. The bonds are a general obligation of the city <br />payable by a tax levy or other sources. <br /> <br />Mission/Policy/Goal <br />Develop a sustainable and prosperous community that reflects the culture of citizens and what is important to the <br />majority. <br /> <br />Attachments <br /> Capital Improvement Plan 2020-2025 <br /> Pre-Sale Summary for Issuance of Bonds, Series 2020ABC <br /> Resolution Approving a Capital Improvement Plan and Giving Preliminary Approval to the Issuance of <br />Capital Improvement Bonds <br /> Resolution Providing for the Sale of $9,895,000 General Obligation Capital Improvement Plan Bonds, <br />Series 2020A <br /> Resolution Providing for the Sale of $5,970,000 General Obligation Capital Improvement Plan Refunding <br />Bonds, Series 2020B <br /> Resolution Providing for the Sales of $7,295,000 Taxable General Obligation Sewer Revenue Refunding <br />Bonds, Series 2020C <br /> <br /> <br /> <br />N:\\Public Bodies\\Agenda Packets\\11-02-2020\\Final\\x7.3 sr CIP & 2020 Bonds.docx <br />