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15-APPROVE RES DIRECTING CITY CLERK TO PUBLISH NOTICE OF INTENT TO ISSUE COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION
City-of-Paris
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11 November
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11.26.12
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15-APPROVE RES DIRECTING CITY CLERK TO PUBLISH NOTICE OF INTENT TO ISSUE COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION
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Submittal Date: <br />11-14-2012 <br />Council Date: <br />11-26-2012 <br />CITY COUNCIL AGENDA ITEM BRIEFING SHEET <br />Originating Department: <br />Engineering, Planning <br />& Development <br />RECOMMENDED MOTION: <br />Presented By: <br />Shawn Napier, P.E. Director of <br />Engineering, Planning & <br />Agenda Item No.: <br />I5. <br />Approve a resolution directing the City Clerk to publish notice of intent to issue Combination Tax and <br />Surplus Revenue Certificates of Obligation in the maximum amount of $2,900,000 for the purpose of <br />funding costs of water system improvements. <br />POLICY ISSUE�S�: <br />Publication <br />BACKGROUND: <br />The City of Paris has received a low interest loan from the Texas Water Development Board for a <br />Drinking Water State Revolving Fund in the amount of approximately $3.4-million dollars. The loan <br />will be used to fund I S water line replacement projects from the City's Capital Improvement Project list <br />(see attached map). The project was qualified as a green project and enabled the City for 15% <br />($510,317.00) loan forgiveness. This reduced the loan amount to $2,900,000.00. <br />The City will need to publish the notice in the paper at least twice. An Ordinance adoption for the <br />Certificates of Obligation is planned for the January 14`h City Council meeting. <br />The design of the phase I plans has already started so we will be able to bid out projects starting summer <br />2013. <br />BOARD�COMMISSION RECOMMENDATION: <br />EXHIBITS: <br />Resolution, notice, and project map <br />AcTioN: <br />❑ Financial Report <br />❑ Department Report <br />❑ Presentation <br />❑ Public Hearing <br />FISCAL NOTES: <br />❑ Minute Order <br />� Resolution <br />❑ Ordinance <br />❑ Other <br />BUDGET INFO: <br />Expense $ <br />Budgeted Amt. $ <br />YTD Actual <br />Acct. Name <br />Acct. Number <br />City of Paris �� Revised 2/04/08 <br />
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