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City of Missoula, Montana Item to be Referred to City Council Committee Committee: A & F Item: Award the sale of the CITY’S POOLED SPECIAL SIDEWALK, CURB, GUTTER AND ALLEY APPROACH BONDS, SERIES 2009 Date: July 13, 2009 Prepared by: Brentt Ramharter Initiated by: Brentt Ramharter Action Required: ADOPT A RESOLUTION TO AWARD THE SALE OF THE CITY’S POOLED SPECIAL SIDEWALK, CURB, GUTTER AND ALLEY APPROACH BONDS, SERIES 2009 AND APPROVE CERTAIN MATTERS THERETO; CONFIRM THE PLEDGE OF THE REVOLVING FUND; CREATE THE SPECIAL SIDEWALK, CURB, GUTTER AND ALLEY APPROACH FUND AND PRESCRIBE COVENANTS OF THE CITY FOR THE SECURITY OF THE HOLDERS OF THE BONDS. Recommended Motion: I move the City Council award the bid of in the amount of for the CITY’S POOLED SPECIAL SIDEWALK, CURB, GUTTER AND ALLEY APPROACH BONDS, SERIES 2009 Timeline: Referral to committee: June 25, 2009 Committee discussion: July 13, 2009 at 6:45 PM (just prior to City Council meeting) Deadline: Have council approve at July 13, 2009 meeting Background and Alternatives Explored: The $645,000 Pooled Special Sidewalk, Curb, Gutter and Alley Approach Bonds, Series 2009 will be sold by competitive bid on July 13, 2009. The winning underwriter will hold their bid firm for 24 hours, allowing the City Council to approve and award the winning bid based on the recommendation from City staff and the City's financial advisor. These bonds are being issued to reimburse the City for curb and sidewalk project expenses incurred in the 2008 construction season. These bonds allow city residents and businesses to finance their obligation over 20, 12 and 8 years. Financial Implications: These revenue bonds will have no impact on the City’s General Fund or on the city’s general obligation debt limit. ---PAGE BREAK--- Attachments: Resolution