title
2010 CAPITAL IMPROVEMENT REVENUE BONDS (B)
A RESOLUTION OF THE CITY OF GAINESVILLE, FLORIDA, AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED $5,300,000 IN AN AGGREGATE PRINCIPAL AMOUNT OF CITY OF GAINESVILLE, FLORIDA CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2010 FOR THE PURPOSE OF FINANCING THE COSTS OF CONSTRUCTING, REFURBISHING, RENOVATING AND EQUIPPING OF VARIOUS CAPITAL PROJECTS AT THE IRONWOOD GOLF COURSE, ONE-STOP HOMELESS SHELTER AND CERTAIN OTHER CAPITAL PROJECTS IN THE CITY OF GAINESVILLE AND PAYING OTHER COSTS NECESSARY OR INCIDENTAL THERETO; PROVIDING FOR THE PAYMENT OF SUCH BONDS FROM LEGALLY AVAILABLE NON-AD VALOREM REVENUES OF THE CITY WHICH ARE BUDGETED AND APPROPRIATED BY THE CITY ON AN ANNUAL BASIS AND DEPOSITED INTO THE DEBT SERVICE FUND CREATED HEREUNDER FOR SUCH BONDS; PROVIDING FOR THE RIGHTS AND REMEDIES OF THE HOLDERS THEREOF, AND MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; PROVIDING AN EFFECTIVE DATE; AND PROVIDING CERTAIN OTHER DETAILS.
recommendation
The City Commission: 1) adopt the proposed Resolution authorizing issuance of the 2010 Capital Improvement Revenue Bonds; 2) authorize the City Manager, Administrative Services director, and Finance Director to retain the required professional services to execute the proposed bond issue; and 3) authorize the Mayor, Clerk of the Commission, City Attorney, City Manager, Administrative Services Director, and Finance Director to execute documents required to close the proposed bond issue.
explanation
CITY MANAGER MEMORANDUM
During last summer’s FY10 budget update the City Commission approved the issuance of debt to fund approximately $1.2M in capital improvements to the City-owned Ironwood Golf Course. Staff is recommending that a portion of the costs associated with the site acquisition and construction of the proposed One Stop Homeless Assistance Center be included in this borrowing. In addition, staff is recommending the inclusion of $300,000...
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