Title
Resolution Approving the 2008 Court and Police Facilities Capital Improvement Bonds (Limited Tax General Obligation) ($31,000,000.00)
Memorandum
Recommended for Council adoption is a Resolution approving the issuance by the City of Ann Arbor of its 2008 Court and Police Facilities Capital Improvement Bonds (Limited Tax General Obligation) in the maximum principal amount of $31,000,000 (the “Bonds”), for the purpose of financing a substantial portion of the costs of acquiring and constructing an approximately 103,000 square foot multi-story building to be annexed to the existing Ann Arbor City Hall to house court and police facilities and operations of the City, and for related capital improvements on such site, including site improvements, renovations to the City Hall and a secured parking area for government use. The Bonds are to be sold through competitive bidding.
The Bonds will mature in the years 2012 through 2038. The principal maturity schedule and other terms of the Bonds, including the right to prepay Bonds maturing May 1, 2019 and thereafter without premium, have been prepared by the City’s municipal financial advisors. Under the Resolution the City pledges its limited tax full faith and credit for payment of the Bonds.
The Resolution authorizes the Mayor, City Clerk, City Treasurer and Chief Financial Officer to execute and deliver all required documentation in connection with the issuance, sale and delivery of the Bonds.
The City’s bond counsel, Dykema Gossett, prepared the resolution, with further review by the City Attorney.
Staff
Prepared by: Tom Crawford, Chief Financial Officer
Reviewed by: Mary Joan Fales, Senior Assistant City Attorney
Body
Whereas, The City of Ann Arbor, County of Washtenaw, State of Michigan (the “City”) proposes to issue and sell general obligation capital improvement bonds, pursuant to the Revised Municipal Finance Act, Act 34, Public Acts of Michigan, 2001, as amended (“Act 34”), to finance a substantial ...
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