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TO: Mayor Robert J. O'Connor
FROM: Stacey L. Hamling, Interim Chief Finance Officer/City Treasurer
DATE: May 4, 2017
SUBJECT:
An Ordinance Providing for the Issuance of $16,500,000 Aggregate Principal Amount of General Obligation Bonds, Series 2017, of the City of Aurora, Kane, DuPage, Kendall and Will Counties, Illinois, Confirming the Sale Thereof, and Providing for the Levy and Collection of a Direct Annual Tax for the Payment of Principal of and Interest on Said Bonds - Finance Committee Agenda Item - May 9, 2017 Meeting.
PURPOSE:
To obtain the approval of the City Council of a proposed ordinance providing for the issuance of the Series 2017 General Obligation Bonds.
BACKGROUND:
The 2017-2026 Capital Improvements Plan and 2017 City Budget call for the procurement of an aerial/platform truck, fire station #7 replacement (CIP Project No. C011), new ambulance for station #7, regional transportation improvements (CIP Project No. A059), Route 59 transit center entrance (CIP Project No. C063), optical fiber projects (CIP Project No. C104), mastodon lake (CIP Project No. F053), Galena-New York two-way conversion (CIP Project No. GC075), Galena and Smith traffic signal (CIP Project No. GC076), and property acquisition /demo/rehab.
A spreadsheet is attached containing the amounts budgeted for each of the above projects.
DISCUSSION:
We intend to sell the 2017 GO Bonds on May 23, 2017 to provide resources for the aforementioned projects.
Attached is a draft bond ordinance. The final bond ordinance will be prepared after the bonds are sold and the exact interest costs are known.
IMPACT STATEMENT:
Not applicable.
RECOMMENDATIONS:
That the City Council approve the attached, proposed ordinance that would authorize the issuance of the city's 2017 GO Bonds.
attachment
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
title
An Ordinance providing for the issuance of $16,500,000 aggregate principal amount of General Obl...
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