Subject:
Title
Request to Set a Public Hearing for Issuance of Bonds & Notice of Intent to Adopt an Ordinance.
Body
EXPLANATION AND SUMMARY:
As a part of Bond Issuance process a public hearing and Notice of Intent to Adopt an Ordinance resolution are required. This fiscal year a bond in the amount of $7,899,000 has been discussed through the Capital Improvement Plan work session and received Council approval at the September 26, 2017 Council meeting.
The amount of the resolution is $15,000,000, which includes $7,899,000 for capital improvements, a general obligation loan not to exceed $150,000 from the State's Department of Environmental Quality's Clean Water Revolving Loan Fund (DEQ Loan) and potential additional debt to fund projects in an additional issue or issues during FY 2017-18, subject to Council's approval.
This action is to allow the residents of Vienna an opportunity for a public hearing. The schedule calls for the public hearing on January 29, 2018 and if approved, the bond sale to occur in mid-February with funding to be received shortly thereafter. The DEQ loan will close after the approval of bid documents, expected to occur in March, 2018.
Departmental Recommendation: Recommend approval.
Finance Recommendation: Recommend approval.
Purchasing Recommendation: N/A
Town Attorney Recommendation: Upon the advice and recommendation of the Town's bond counsel, the Town may set a public hearing on the proposed issuance of bonds and a notice of intent to adopt a bond ordinance in the discretion of the Town Council.
Town Manager's Recommendation: I recommend the Town Council hold a public hearing on a Proposed Bond Ordinance authorizing the issuance of general obligation bonds by the Town of Vienna in an amount up to $15,000,000 as presented.
Cost and Financing:
* $7,899,000 general obligation bonds principal, 15-year term;
* Principal not to exceed $150,000, 3-year term general obligation loan from the DEQ Clean Water Revolving Loa...
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