TO: Mayor Collins and Town Council Members
FROM: Kevin Burke, Town Manager
Dawn Marie Buckland, Director of Administration & Govt Affairs
DATE: January 14, 2016
DEPARTMENT: Administration and Government Affairs Department
Staff Contact
Dawn Marie Buckland, Director of Administration & Govt Affairs, 480.348.3555
End
AGENDA TITLE:
Title
Authorization to issue debt in an amount not to exceed $7,900,000
Body
Council Goals or Statutory Requirements:
Develop a long term sustainable budget
Develop and advance a Capital Improvement Program
RECOMMENDATION:
Recommendation
Adopt Resolution 16-001 authorizing the execution and delivery of an agreement, a trust agreement and an obligation purchase agreement; approving the sale, execution and delivery of excise tax revenue obligations, Series 2016 (bank qualified) in one or more series, evidencing a proportionate interest of the owners thereof in an agreement between the Town of Paradise Valley, Arizona and a trustee; authorizing and ratifying the taking of all other actions necessary to the consummation of the transactions contemplated by this resolution; and declaring an emergency.
Background
SUMMARY STATEMENT:
The FY 2016 Capital Improvement Program includes a series of infrastructure projects for streets, traffic signals, sidewalks, public safety, technology, facilities, and stormwater to maintain and enhance the quality of life of Paradise Valley residents. The adopted budget anticipated the issuance of $8.5 million in debt as a primary funding source for this critical program. On September 10, 2015, Council approved Reimbursement Resolution 1339 providing the ability to begin many of these projects temporarily using fund balance, with the intent of reimbursing fund balance with the proceeds of the future issuance.
In the subsequent weeks, staff have continued to review projects, recognize savings, and hone estimates. As a result, staff recommends reducing t...
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