RESOLUTIONS AUTHORIZING ISSUANCE OF BONDS, APPROVAL OF DOCUMENTS AND DETERMINATION OF UNPAID ASSESSMENTS FOR

MYRTLE AVENUE UTILITY UNDERGROUNDING ASSESSMENT DISTRICT

 

Recommendation :

It is recommended that the City Council approve and adopt the following resolutions:

1. Resolution authorizing and providing for the issuance of bonds and approving certain documents and actions for Assessment District 97-1, Myrtle Avenue Utility Undergrounding.
2. Resolution determining unpaid assessments for said District.

Background :

Assessment District 97-1, Myrtle Avenue Utility Undergrounding, was approved on July 13, 1999 after the required public hearing and ballot tabulations.

Analysis :

The attached resolutions authorize issuance and sale of bonds for this District, approve the Fiscal Agent Agreement, Continuing Disclosure Agreement, Preliminary Official Statement, Bond Purchase Agreement and determine unpaid assessments. Unpaid assessments will be determined after the cash payment period expires on August 16, 1999 and a certificate filed with the resolution.

Upon adoption of the resolutions, bonds will be sold at competitive bid on August 23, 1999, with estimated closing on September 8, 1999.

Fritz Stradling, Bond Counsel, and Mark Northcross, Financial Advisor, will be present at the City Council Meeting.

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