HomeMy WebLinkAbout1991-11-26 Public hearing
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NOTICI OF ..niNO Of THe COUNCIL Of Tltl CtTY OF
IOWA CtTY,IOWA, OH THElIAnlR Of THI PROPOSED
lXPANSlOH OF THE PURPOSE Of Tltl U,IeO.OOO
GENERAL OIUOATION BONDS I'OR AN ISSIKTIAL
CORPORATI PURPOSI) 0' lAID CtTY, DATED
DICEMBIR I, lilt AND Tltl HUlUHO 0' THI
lXPANSlOH 0' THI PURPOSE ntlnlM.
PUBLIC NOTICE It htrlby 0"'" lNl iii. Covtd 01... CIy
0I1ow1 CIy,Iow.. lit tdd I ~ Iltlltog on thaZlth d., 01
Novtmbtr, '"I,'17:300'c~pm,ilI\hICoutd~".
CIy Hal, Iowl CIy, low.. II .h(h m~ \hi Courd
prcpostl to iMl Iddotionll 1Cl0/l1or ... lapwlon 01 ...
JlUIPOII 01 ... n.HO,OOO 0.","1 W'01lion Bondi dlled
Otctlllbtll, "lito Inc~.lht pI)1IIl1'4 oIlDllI 01111111 and
lanUty Itwll ~m.ntI. 111111II11 COIpOIIlI pIIIIlOItI 01
1111 CIy,
~ lIItlbovt mutl'og lilt Courd Ih~ rlC.twt 0111 OIll11lltn
objtctlonIlrom IffY IIll1tnt 01 pICp'l!y owntI 011111 Cift, 10
\lit Ibovt 1ClOn. Mil II objtClionl hJvt bun ttCtIvtcl and
consldtled, III. Counc' ... II IlIiI muting 01 .t any
td'jOIlIMltnl \1111101, Uk. tddcionll 1d0/l lor l/It IIpwion 01
\hi purpose 01 \lid BondI 01 lit IbIndon lilt ~III 10
'Ipllld lilt purposl oIl1id Bondi,
ThlIl'iClIU It otwtn by 0Id1l oIlh. Councll 01 low I Cft, low..
II ~ by Stclion 3U 25 0111I. CIy Cod. 01 low..
Oiled \lilt ,2th day 01 No~, '",.
'J},(llf,411) .t. ~
twilAN K. KAIIR
CITY CLERJ( OF IOWA CITV,IOWA
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Ol /)73
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City of Iowa City
MEMORANDUM
DATE I Novembor 4, 1991
TOI Stovo Atkin., City Hanagor
FROH, Don Yucui., Financo Diroctor ~
REI 1989 aonoral Obligation Bond Procoodl
I havo rocoivod tho nocollary documont. trom Carol Tillotlon
ot Ahlon, Coonoy, DorwoUor, Haynio ot al, tho City" bond
counlol, to prolont to tho City Council on tho mattor ot tho
propolod oxpan.ion ot tho purpolo ot tho 1989 $2,960,000 aonoral
Obligation ao Bond illUO, I havo analyzod tho ItatuI ot allot our
bond illuo. to dotormino tho tinancial pOlition ot oach illuo.
Tho 1989 bond i.luo hal approximatoly $1,3 million dollar.
availablo and no major capital projoct that can logally bo chargod
to UIO thoso tundl unlo.s tho City Council Ixpands tho purposo ot
tho UIO ot tho 1989 bond procoodl, Tho majority ot tho bond
procoods ot tho 1989 bond ilSUI voro to pay tor additional COltl
tor tho Wastowator Troatmont Facility ($1.2 million) and tho Bonton
Stroot Bridgo Widoning ($1,45 million). Tho Bonton Stroot Bridgo
Widoning projoct val also includod in tho 1986 bond illuo
($575,000) tor a total ot $2,025,000 availablo tor thil particular
projoct, Tho total cost ot tho Bonton Streot Bridgo Widoning
projoct wal $2,575,000 vith tho City Iharo boing approximat.ly $1
lillion. Wo v.ro ablo to pay tor $733,000 ot tho City Ihar. trom
tho 1986 ao Bond procoeds due to additional interest earnings and
reallocating ot COltl tor projectl includod in tho 1986 ao Bond
illue but not done, The balanco ot'approximately $288,000 va. paid
tor trom tho 1989 ao Bond procoeds, Tho original issuo amount in
tho 1989 bond issuo val $1,45 million, lOll tho $288,000 actually
chArgod there loaves a balanco ot $1.16 mUllon, Add to that
intorolt oarningsr and thil bringl tho amount available to $1,3
li11ion.
Tho original rosolution outlining tho purposo tor lolling bondl tor
the 1989 issuo WAS to PAY tor tho cost ot Acquisition,construction,
and oquipping ot lowago treatmont works and faeilltiol'
improvolontl to exilting City parks' acquisition, conltruction,
reconltruction and enlargemont ot bridgos and cUlvorts,
roconltruction and improvement ot vatorways ter t~'/protoction ot
oxisting property and improvements vithin tho City, and acquisition
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Nov.lb.r 4, 1991
Sttv. Atklnl
119, 2
ot r.al 'Itate for Itreet I.prov...ntl, Th. city Counol1 ne.dl to
adopt a rllolutlon, .xpandlnq the purpo.. ot the 1989 GO Bond
I"UI, Per our dllcu..lonl, w. wUl ncolI.nd that a Itrllt
project and unitary lewer lIfrovlI.ntl be the expanded pU1'}lOlll tor
the $1,3 .llllon. The It rkvood Avenu. Itnet proj.ct 11
approximat.ly $1,3 mUllon, Th. nllon I have added a IIwer
proj.ct al an expanded purpole II only If the $1.3 million cannot
be fully Ipent by Decemb.r of 1992 on the Kirkwood Avenue proj.ct,
then w. can use the available fundi to pay for a lewer project,
The $1,3 million needs to be spent by December of 1992 to avoid
arbltraqe r.gulatlons,
The tentative schedule II as tollowl'
November 12, 1991- Council adoptl a Resolutlcn lettin; a PUblic
Hearinq on the proposal to expand the
purpole of the bondi,
Novlmber 26, 1991- A PUblic Hearinq il held rlqardlnq the
propolal to expand,
-council adopt I a relolution inltitutinq
proceedinql to take additional action
(approvel the additional purpole of the
bondl),
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co, Harlan lCur
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