Title
An Ordinance Authorizing the Issuance of Obligations for the Acquisition, Construction and Improvement of Municipal Facilities (Ordinance S-48430)
Description
An ordinance authorizing the City Manager to issue, or to cause the issuance of, obligations of or by the City, a municipal property corporation or a corporate trustee or a loan from a bank or financial institution as short-term and/or long-term obligations to refund short-term obligations or long-term obligations, including execution and delivery of all leases and other agreements necessary or appropriate for the financing, refinancing, or reimbursing of costs for acquiring, constructing, and improving real and personal property for municipal facilities for the City and associated financing costs; pledge, if deemed appropriate, excise taxes or other lawfully available funds for such purposes and to pay for financing costs; and authorizing the City Controller to receive and expend all necessary funds therefore.
Report
Summary
This ordinance provides authorization to issue obligations up to $150,000,000 principal amount plus related financing costs to acquire, construct, and improve real and personal property.
Financial Impact
The City will pledge excise taxes or other lawfully available funds to the repayment of the obligations.
Department
Responsible Department
This item is submitted by City Manager Jeffrey Barton and the Finance Department.