TO: Mayor and Members of City Council
THRU: David W. Trego, CEO/General Manager
Fayetteville Public Works Commission
FROM: Rhonda Haskins, Chief Financial Officer
Fayetteville Public Works Commission
DATE: October 8, 2018
RE:
Title
Findings Resolution and Approve Submission of Local Government Commission (LGC) Application
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Safe and Secure Community; High Quality Built Environment; Desirable Place to Work, Work and Recreate
Executive Summary:
The Fayetteville Public Works Commission has determined the need to issue Series 2018 Revenue Bonds for an identified list of projects totaling approximately $74 million and having construction periods from July 2018 thru June 2020. It has also been determined that PWC can recognize savings by refunding $15,510,000 of existing bonds.
Background:
The Fayetteville Public Works Commission, during their meeting on September 26, 2018, adopted the following Resolution PWC2018.13 and requests City Council adopt a similar resolution at their October 8, 2018, meeting.
"Resolution Making Certain Findings and Determinations, Authorizing the Filing of an Application with the Local Government Commission, Requesting that Local Government Commission to Sell Bonds at a Competitive Sale and Approving the Financial Team all in Connection with the Issuance of Revenue Bonds by the City of Fayetteville, North Carolina."
The identified list of projects to be constructed totals approximately $74,000,000 and the bonds to be refunded total $15,510,000. The resolution states the aggregate principal amount not to exceed $95,000,000.
Issues/Analysis:
N/A
Budget Impact:
Fayetteville Public Works Commission Budget currently accounts for the projects and funding sources.
Options:
N/A
Recommended Action:
The Fayetteville Public Works Commission recommends the City Council adopt a similar resolution at their October 8, 2...
Click here for full text