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<br /> <br />REQUEST FOR ACTION <br /> <br />To <br />Ci ,Council <br />Agenda Section <br />Administration <br />Item Description <br />Resolution Providing for the Sale of $3,135,000 G.o. <br />Improvement Bonds, Series 2007C <br /> <br />Meeting Date <br />Ma 21,2007 <br /> <br />Item Number <br />7.1. <br />Prepared by <br />Tim Simon, Finance Director <br />Reviewed by <br />Lori ohnson, Finance Director <br />Reviewed by <br /> <br />Action Requested <br />Adopt the resolution providing for the sale of $3,135,000 G.O. Improvement Bonds, Series 2007C. <br /> <br />Background/Discussion <br />Public hearings were held on the Deerfleld and Irving Avenue 2007 improvement projects and <br />subsequendy bids have been awarded for these two projects to Redstone Construction Co, Inc. In <br />previous years, these projects have been funded through a combination of assessments, tax levy, and <br />internal financing (street improvement reserve fund). These improvement projects ate significantly larger <br />than previous improvement projects; therefore, staff is recorrunending using bond proceeds, funds from <br />the Surface Water Management fund for the storm water improvements portion of the project and the <br />Street Improvement Reserve fund. By using this combination of financing, the estimated tax levy impact <br />for the next 10 years will be approximately $130,000 per year. <br /> <br />Financial Impact <br />These bond proceeds of approximately $3,135,000 will be repaid by annual tax levy and special <br />assessments to the benefiting property owners. <br /> <br />Attachments <br />. Pre-sale report <br />. Resolution Providing for the Sale of $3,135,000 G.O. Improvement Bonds, Series 2007C <br />. Preliminary cash flow schedule <br />. 2007 cash flow projection on the street improvement reserve fund <br /> <br />Action <br /> <br />Motion by _ <br /> <br />Second by_ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />C\Oocument:; and Settings\jmiller\LocaI Settings\ Temporary Internet Files\OIK3E\2007C Pre-Sale,doc <br />