HomeMy WebLinkAboutAgenda Statement 1986/04/22 Item 8 COUNCIL AGENDA STATEMENT
Item 8
Meeting Date 4-22-86
ITEM TITLE: Resolution /A� '' calling for sealed bids on bonds to be
issued to represent unpaid assessments upon lands in
Assessment District 85-2
SUBMITTED BY: Director of Public Works/City Engineer 01"/
REVIEWED BY: City Manager \) 4i-a7`-, (4/5ths Vote: Yes No X )
This is the initiation of proceedings for the sale of bonds for the EastLake
Assessment District 85-2. Sealed bids on the bonds will be opened on
May 13, 1986.
RECOMMENDATION: Approve the resolution.
BOARDS/COMMISSIONS RECOMMENDATION: Not applicable
DISCUSSION:
This action is a part of the EastLake Assessment District 85-2. The
Assessment District will construct water improvements (including 5 million
gallon reservoir, pump station, water transmission lines) sewer facilities,
and a portion of street improvements in Otay Lakes Road. Council has
previously set May 13, 1986, for the public hearing on the formation of the
district and the sale of bonds will be considered at that time.
The notice of sale calling for sealed bids on $8,544,426 of bonds describes
the terms and conditions of the bonds being offered and the form of the bid
which will be required.
A preliminary Official Statement has been prepared by the financial
consultant, KADIE, JENSEN, AND JOHNSON for the sale of bonds. The Official
Statement is a disclosure document for distribution to potential bond
underwriters to provide necessary factual data about the assessment district
which they will need to evaluate the proposed bond offering. A "final"
Official Statement must be delivered to retail purchasers of the bonds by the
underwriters.
Summary of Council Actions
1 . Approved a notice of bond sale and inviting sealed bids.
2. Approved a preliminary Official Statement.
FISCAL IMPACT: There will be not cost to the City. The assessment district
is funding all costs of the project.
WPC 2004E