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17 <br /> REQUEST FOR COUNCIL CONSIDERATION <br /> i . . $ IOii <br /> Report Date: May 5, 2004 �� � <br /> y Ella e C� <br /> Meeting Date: May 11 , 2004 Agenda Section: VI, A <br /> ITEM DESCRIPTION: <br /> Sale of General Obligation Temporary Bonds Series 2004B. <br /> Sale of General Obligation Improvement Bonds Series 2004A <br /> MANAGER'S REVIEW: <br /> Resolution 04-039 is a temporary improvement bond that will provide <br /> the City with the revenue needed to complete the W' Avenue Project <br /> between Silver Lake Road and Stinson Boulevard. The funds to pay <br /> back the bonds will come from Special Assessments against <br /> benefiting property owners. The Federal Government with the <br /> assistance of Congressman Sabo is providing $750,000 for the <br /> project. <br /> 'Resolution 04-040 is a General Obligation Improvement Bond in the <br /> amount of $1 ,790,000. This bond will provide the funding necessary <br /> to construct the 2004 Street Project, which consists of Belden Drive, <br /> Hilldale Avenue, 32nd Avenue, and Townview Avenue. <br /> Jim Prosser, Financial Advisor from Ehlers and Associates will <br /> present the details from the bid opening. <br /> Recommendation: <br /> Council Approval of Resolution 04-039 for Sale of General Obligation <br /> Temporary Bonds Series 2004B and Resolution 04-040 for Sale of <br /> General Obligation Improvement Bonds Series 2004A. <br /> baJ <br /> Michael Morrison <br /> City Manager <br />