Title
Approval of a Resolution to call for a Bond Referendum.
Presented by David Davidson, City Attorney
Body
Item Summary:
This item will be on the November 6, 2012 General Election ballot and will authorize the City of Roswell to issue up to $24M in General Obligation Bonds for the purposes of Public Safety, Infrastructure Improvements and Recreation, Parks and Cultural Affairs.
Committee or Staff Recommendation:
At the August 6, 2012 Special Called Work Session there was consensus to place this item on the August 13, 2012 Mayor and Council Agenda.
Financial Impact:
$4,000 is currently approved in Org 10013300, account 521400 for administrative fees associated with adding the Bond Referendum to the Fulton County ballot.
Based on a $24M General Obligation Bond Issuance in two separate phases of $12M each, Year 1 bond issue of $12M with ten year term: estimated at $1,362,000 annually and Year 3 bond issue of $12M with fifteen year term: estimated at $1,046,000 annually. This Bond issuance can be made with no net impact on the overall millage rate of 5.455 through FY 2016.
Presented by:
David Davidson, City Attorney