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CL-2385 New Business   Item #: A.       
Meeting Date: 09/15/2020  
Subject:    Resolution for the Issuance of Bonds
From: Michael Adkins

COUNCIL ACTION
Business Meeting:     09/15/2020
SUMMARY
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.
BACKGROUND
The adopted budget for FY 2021 includes bond financing that will fund the following capital projects:
 
DEPARTMENT PROJECT AMOUNT
Fire Truck Replacement $553,145
Police CCTV Expansion & Equipment 110,000
Parks/Rec Park & Facility Improvements 1,355,000
Public Works Street Improvements 988,538
Public Works Elevator Upgrades 275,000
Public Works HVAC Replacement 275,000
Public Works Emergency Generator 160,000
Public Works Parking Lot Resurfacing/Upgrades 350,000
Public Works Roof Replacement & Exterior Improvements 350,000
Public Works Stormwater System Upgrades 200,000
Airport Runway/Taxilane Improvements 635,086
Schools Building Upgrades 2,000,000
Electric Line Rebuilds 1,800,000
Electric Substation Rebuilds 4,000,000
RECOMMENDATION
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. 

Attachments
Resolution
Preliminary Official Statement


    

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