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k't <br />MEQUEST FOR COUNCIL ACTION <br />Date: 10/24/11 <br />Item No.: 12.b <br />Department Approval City Manager Approval <br />A^ <br />Item Description: Authorize the Sale of $, 10 Million in Bonds to Finance the Construction of a new <br />Fire Station and Park Improvements <br />11 BACKGROUND <br />2 By previous Council action, the Council has approved the necessary steps to utilize the City's Port <br />3 Authority to finance the construction of a new fire station and park improvements. The Council is now <br />4, asked to formally authorize the issuance of general obligations bonds. <br />5 <br />6 The attached resolution authorizes the issuance of $,10 million of general obligation bonds to be repaid <br />"7 solely from property taxes. The bond sale date will be set for November 24, 2011. The award of the bonds <br />8 will take place on the same date at the City Council meeting. <br />9 <br />110 POLICY OBJECTIVE <br />11 The issuance of bonds to finance the construction of a new fire station and park improvements is consistent <br />12 with the goals established by Imagine Roseville 2025, and prior Council directives. <br />13 FINANCIAL IMPACTS <br />14, See attached. <br />15 STAFF RECOMMENDATION <br />116 Staff recommends the Council approve the sale of bonds to finance the construction of a new fire station <br />17 and park improvements. <br />11 111",',':1'1111 REQUESTED COUNCIL ACTION <br />119 Approve the attached resolution authorizing the sale of $, 10 million in general obligation bonds to finance <br />20 the construction of a new fire station and park improvements. <br />21 <br />22 <br />Prepared, by: Chris Miller, Finance Director <br />Attachments: A: Resolution to authorize the sale oaf $ 10 million in general obligation bonds to finance the construction of a <br />new fire station and, park improvements. <br />Page I of I <br />