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File #: 39813    Version: 1 Name: Amended Initial Resolution Authorizing Not to Exceed $12,650,000 Bonds of the City of Madison for various street and sidewalk projects.
Type: Resolution Status: Passed
File created: 8/21/2015 In control: COMMON COUNCIL
On agenda: 9/1/2015 Final action: 9/1/2015
Enactment date: 9/4/2015 Enactment #: RES-15-00724
Title: Amended Initial Resolution Authorizing Not to Exceed $12,650,000 Bonds of the City of Madison for various street and sidewalk projects.
Sponsors: Paul R. Soglin
Attachments: 1. Form of notice to be published, 2. City attorney memo
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
9/1/20151 COMMON COUNCIL Adopt Under Suspension of Rules 2.04, 2.05, 2.24, and 2.25Pass Action details Meeting details Not available
8/21/20151 Attorney's Office RECOMMEND TO COUNCIL TO ADOPT UNDER SUSPENSION OF RULES 2.04, 2.05, 2.24, & 2.25 - MISC. ITEMS  Action details Meeting details Not available
Fiscal Note
This is an initial resolution to issue 20-year bonds for certain major streets projects that were included in the 2015 adopted capital budget. Those projects are listed below:

East Johnson Street $2,890,000 Street reconstruction
Hoepker Road 1,796,000 4-lane urban boulevard with bike lanes and sidewalks
Milwaukee Street Bridge 1,130,000 Reconstruct Starkweather Creek Bridge and approaches
Reconstruction Streets 3,911,100 Replaces various deteriorated streets
Rural to Urban Streets 2,617,000 Reconstructing streets with substandard pavements to city standards
$12,344,100

Up to a total of $12,650,000 in bonds will be issued for these projects, including the estimated cost of issuance.

Due to the relatively large cost impact and expected useful life of these projects, along with the anticipated overall amount of borrowing in 2015 due to major facilities construction and renovation projects, these bonds will be issued with a 20 year repayment period. Debt service on $12.65 million is anticipated to be approximately $900,000 annually. This compares with estimated annual debt service of $1.4 million for 10 year promissory notes. Interest costs on 20 year bonds are estimated to total $3.9 million, compared with $1.6 million for 10 year notes. The debt service and interest cost estimates are based on current interest rates on AAA-rated municipal debt and the City's practice of repaying debt on a level-principal basis.

Title
Amended Initial Resolution Authorizing Not to Exceed $12,650,000 Bonds of the City of Madison for various street and sidewalk projects.

Body
WHEREAS Section 67.05(1), Wisconsin Statute, requires that a bond issuance under sec. 67.04, Wis. Stat., have a notice of referendum published within fifteen days following the initial resolution’s adoption by the Common Council; and

WHEREAS, initial resolution, RES-15-00653, was adopted on August 4, 201...

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