Bill Type and Number:
Ordinance 2004-998Sponsor: Council President at the request of the Mayor:
Date of Introduction: September 14, 2004
Committee(s) of Reference: F
Date of Analysis: September 17, 2004
Type of Action: Bond Issuance Authorization; Ordinance Code Waiver
Bill Summary: This ordinance provides for the issuance of revenue bonds to finance capital projects.
The ordinance provides for the refunding of all or a portion of the City's Excise Taxes Revenue Bonds. The ordinance authorizes the issuance of not exceeding $140,000,000 principal amount of the City's Excise Taxes Revenue Bonds. The ordinance provides for the rights of holders of the bonds; sale of the bonds; that the bonds shall not constitute a general obligation of the City; amendments to the original ordinance relating to variable rate bonds and hedge agreements; the retention of bond counsel for the bonds. The ordinance waives Section 104.211, Ordinance Code, to the extent a negotiated sale is in the best interest of the City.
Background Information: The City is currently finalizing the 2005 budget. That budget will appropriate the bond proceeds that will apply to numerous capital projects, a list of which is attached to the bill.
Policy Impact: Administration & Finance/Treasury
Fiscal Impact: The bill authorizes the issuance of Revenue Bonds in an amount not to exceed $140,000,000, principal amount.
Analyst: Jackson