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City of Missoula, Montana Item to be Referred to City Council Committee Committee: A & F Item: Bond Resolution – Special Improvement District No. 541 Bonds (Pineview Park) Date: June 12, 2009 Prepared by: Brentt Ramharter Initiated by: Brentt Ramharter Action Required: Approve bond resolution authorizing the issuance and public, competitive sale of $750,000 of Special Improvement District Bonds for SID 541. Recommended Motion: I move the City Council approve the: RESOLUTION RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 541 BONDS; AUTHORIZING THE ISSUANCE AND CALLING FOR THE PUBLIC SALE THEREOF AND MAKING CERTAIN FINDINGS WITH RESPECT TO THE PLEDGE OF THE REVOLVING FUND OF THE CITY OF MISSOULA TO THE SECURITY THEREFOR. Public Hearing Regarding Revolving Fund Pledge. The City Clerk is authorized and directed to publish notice of a public hearing concerning the pledge of the Revolving Fund to the payment of the Bonds in substantially the form of the attached EXHIBIT B (which is hereby incorporated herein and made a part thereof), which public hearing will be held Monday, July 13, 2009, at or after 7:00 p.m., M.T, in the City Council Chambers at Missoula City Hall located at 140 W. Pine Street, Missoula, Montana, at which all interested parties will be allowed to testify. The City Council will also consider all written comments submitted to the City Clerk prior to the public hearing or submitted to the City Council during the public hearing. Timeline: Referral to committee: June 12, 2009 Committee discussion: June 17, 2009 Deadline: Have council approve at June 22, 2009 meeting Background and Alternatives Explored: It is necessary that the Bonds be issued and sold in an original aggregate principal amount estimated not to exceed $750,000 to finance a portion of the costs of the Improvements to ---PAGE BREAK--- Pineview Park, (ii) a deposit to the Revolving Fund of the City, and (iii) costs of issuance for the Bonds, including underwriter’s discount. Financial Implications: No General Fund implications. These costs incurred will be assessed to the benefitted property owners over a period of 20 years. These bonds need to be issued in order to pay the city back for carrying the construction and interest costs associated with park improvement project identified above during this year's construction season. Attachments: Bond Resolution SID 541