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k't <br />MEQUEST FOR COUNCIL ACTION <br />Date: 10/24/11 <br />Item No.: 12 . a <br />City Manager Approval <br />Item Description: Adopt an Ordinance to Exercise the Use of the City's Port Authority for the <br />Purposes of Financing the Construction of a new Fire Station and Park <br />Improvements <br />11 BACKGROUND <br />2 At the October I thand October 17th City Council meetings, the Council received information regarding the <br />3 use of the City's Port Authority to finance the construction of a new fire station and park improvements. <br />4, The City Council is now asked to adopt an ordinance to formally identify the issuance of general <br />5 obligations bonds under the City's Port Authority. <br />"7 Mary Ippel, from the law firm of Briggs & Morgan, serves as the City's Bond Counsel. She will be present <br />8 at the meeting to address these and any other inquiries. <br />9 <br />110 POLICY OBJECTIVE <br />11 Enabling the City's Port Authority to finance the construction of a new fire station and park improvements <br />12 is consistent with the goals established by Imagine Roseville 2025, and prior Council directives. <br />13 FINANCIAL IMPACTS <br />14, An $,8 million bond for the Fire Station is expected to have an annual impact of approximately $,36, or $,3 <br />15 per month for a typical home. The annual debt service would be approximately $,735,000. <br />1 7 A $ 19 million (overall)1bond for Park Improvements is expected to have an annual impact of approximately <br />11111",,'11 $,70, or $,6 per month for a typical home. The annual debt service would be approximately 1,430,000. <br />119 STAFF RECOMMENDATION <br />20 Staff recommends the Council enact an Ordinance to exercise the use of the City's Port Authority for the <br />21 purposes of financing the construction of a new fire station and park improvements. <br />22 <br />Page I of 4 <br />