Summary:
The City may issue bonds and other forms of debt to finance a portion of the costs for various municipal capital projects related to the Neighborhood Infrastructure Improvements Program and Packing District improvements. Projects will include parks and recreation improvements, stormwater improvements, transportation improvements, public safety improvements and other neighborhood infrastructure improvements. The Bonds will be issued in one or more series in an aggregate principal amount not exceeding $80,000,000.
Approval of this Declaration of Official Intent will allow the City to reimburse itself from future bond proceeds for monies spent out of its operating funds for these projects. The Declaration applies to expenses incurred beginning 60 days prior to the adoption of the Declaration.
Approval of this Declaration does not authorize the issuance of any new debt. Staff expects to submit an agenda item to the City Council at a later date requesting authorization for the issuance of bonds to finance the projects. |