Title
Resolution Authorizing General Obligation Bonds 2009 Parking Facility Capital Improvement Bonds, Series A (Not To Exceed $9,000,000.00)
Memorandum
The developer of the First and Washington project has indicated their debt and equity investors are requesting a confirmation of the City's commitment to fund the parking deck portion of the project. To meet this request the City could authorize issuance of the bonds, subject to the 45 day notice period expiring without a petition requiring a vote of the electorate.
Recommended for Council is this resolution authorizing the issuance of general obligation capital improvement bonds in the maximum principal amount of $9,000,000, for the purpose of financing the construction of a parking structure at First and Washington Streets. This project is being funded by the Downtown Development Authority. The cost of construction is being funded 15% by reserves and 85% by bond proceeds. The Bonds are secured as a general obligation of the City.
The City’s bond counsel, Dykema Gossett, prepared the notice with further review by the City Attorney.
Staff
Prepared by: Tom Crawford, Chief Financial Officer
Reviewed by: Mary Joan Fales, Senior Assistant City Attorney
Approved by: Roger W. Fraser, City Administrator
Body
Minutes of a regular meeting of the City Council of the City of Ann Arbor, County of Washtenaw, State of Michigan held on the 15th day of December, 2008, at 7:00 o’clock p.m. Eastern Standard Time.
PRESENT: Councilmembers Briere, Smith, Rapundalo, Derezinski, Greden, Taylor, Higgins, Teall, Anglin, Hohnke, and Mayor Hieftje, 11;
ABSENT: 0.
The following preamble and resolution were offered by Councilmember Smith and supported by Councilmember Greden:
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 3...
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