City Council Regular Meeting
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New Business   Item #: A.
Resolution for the Issuance of Bonds
Business Meeting: 09/15/2020
The City's Capital Improvement Plan (CIP) for Fiscal Year 2021 includes bond financing for $7,001,769 in general governmental projects and $5,800,000 in electric system projects. This Resolution authorizes the sale of bonds to provide funding for the projects adopted by City Council as part of the FY 2020 budget. The City can also capture debt service savings at this time by refinancing eligible portions of the 2010A and 2012B general obligation bonds. The bonds to be refinanced have an outstanding balance of $290,000 and $3,395,000, respectively.
The adopted budget for FY 2021 includes bond financing that will fund the following capital projects:
CCTV Expansion & Equipment
Park & Facility Improvements
Parking Lot Resurfacing/Upgrades
Roof Replacement & Exterior Improvements
Stormwater System Upgrades
It is recommended that City Council approve the attached Resolution to authorize issuance of General Obligation Bonds of the City of Danville, Virginia, in the maximum principal amount not to exceed $13,400,000 for FY 2021 CIP projects, which includes cost of issuance. The resolution also authorizes the issuance of $4,350,000 of refunding bonds in order to refinance the 2009A and 2010B bonds, which includes cost of issuance.
Preliminary Official Statement
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