13 - Notice of Intention to Issue Certificates of Obligation to Finance Wastewater Plan Construction

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Item No. 13 Memorandum TO: Mayor & City Council Grayson Path, City Manager FROM: Gene Anderson, Finance Director SUBJECT: NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION TO FINANCE CONSTRUCTION OF A WASTEWATER PLANT DATE: February 8, 2021 BACKGROUND: The City has been working and planning towards building a new Wastewater Treatment Facility for several years. On January 25, 2021 the City Council heard a project update from Garver Engineering. Also, discussed were the necessity of issuing long term debt to construct the plant and the sewer rate increase necessary to pay for the required debt issue. STATUS OF ISSUE: The Council directed the city staff to prepare a resolution for the February 8th meeting directing that notice of intent to issue certificates of obligation to finance construction of a wastewater treatment plant be posted to the City website and published in a newspaper that circulates within the City. BUDGET: A new construction fund and a new Interest & Sinking Fund will be established to handle the expenditure of the CO proceeds and to make the required debt payments. RECOMMENDATION: Move to adopt a resolution directing that notice of intent to issue certificates of obligation to finance construction of a waste water treatment plant be posted to the City website and published in a newspaper, and approving all other matters pertaining thereto.