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1992-027 Council Resolution
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1992-027 Council Resolution
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1/25/2016 1:41:43 PM
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1/25/2016 1:06:50 PM
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City Council
Council Document Type
Resolutions
Meeting Date
02/24/1992
Council Meeting Type
Regular
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Project Designation & Description: Total Project <br />Project Bid and Contingencies $ 881,080 <br />Preliminary Study and Report 11,750 <br />Land Acquisition 24,000 <br />Controls 18,000 <br />Engineering, Administration and Other Fees 91,720 <br />Subtotal $1,026,550 <br />Plus Issuance Costs 20,000 <br />Allowance for Discount Bidding 15,900 <br />Total Cost $1,062,450 <br />Less Investment Earning 2,450 <br />Net Bond Issue $1,060,000 <br />(c) it is necessary and expedient to the sound financial management <br />of the affairs of the City to issue $1,060,000 General Obligation Water Revenue <br />Bonds, Series 1992B (Bonds) pursuant to the Act to provide financing for the <br />Project. <br />2. In order to provide financing for the Project, the City will therefore <br />issue and sell Bonds in the amount of $1,044,100. To provide in part the additional <br />interest required to market the Bonds at this time, additional Bonds will be issued <br />in the amount of $15,900. The excess of the purchase price of the Bonds over the <br />sum of $1,044,100 will be credited to the debt service fund for the Bonds for the <br />purpose of paying interest first coming due on the additional Bonds. The Bonds will <br />be issued, sold and delivered in accordance with the terms of the following Terms of <br />Proposal: <br />SNG29939 <br />LN140-23 <br />
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