Debt Issuance Notification

At the March 8th City Council meeting, Council took action to direct staff to prepare the necessary documents for debt issuance notification. The proposed amount for debt issuance is $2,425,000 and includes funds for roads, stormwater, water/sewer, public safety, parks, and administration. City Council previously held two workshops to discuss the debt issuance and projects on February 6th and Febuary 22nd. The proposed projects and funds include:

PROPOSED PROJECTS

Street Paving Projects $1,000,000

Line Repair Improvements & Repair $500,000

SCADA Monitoring System $100,000

Backup Power $300,000

Sandy Cove & Surf Court Lift Station Generator $100,000

Replacement Ambulance $250,000

David Braun Park Upgrades – Baseball Fields $75,000

Unified Development Code $100,000

TOTAL $2,425,000

In order to issue Certificates of Obligation, the City must meet notice requirements of 45 days before sale. In preparation for the Fiscal Year 2022 budget process and to achieve a June sale, City Council must approve all Notice to Sell publications at the April 12th City Council meeting.