THE CITY AND BOROUGH OF JUNEAU, ALASKA
Monday, March 11, 2002 5:00 PM
Assembly Chambers - Municipal Building
Special Meeting No. 2002-05
I. FLAG SALUTE
II. ROLL CALL
III. CONSENT AGENDA
A. Assembly Action
a. Resolution 2147
A Resolution of the Assembly of the City and Borough of Juneau, Alaska, Fixing the Final Principal Amounts and Interest Rates of the General Obligation School Bonds, 2002 Authorized by Ordinance Serial No. 2001-55 and Accepting a Bid for the Purchase of Said Bonds.
This resolution accepts the competitive bid for the sale of $12,995,000 in General Obligation School Bonds. This authorization was part of the $62,900,000 bond package approved by the voters on October 5, 1999. On October 2, 2001 the voters approved moving ahead with the issuance of $12,995,000 in bonds to be used for the High School Renovation Project. The debt service for these bonds qualifies for 70% State reimbursement under the State's School Construction Bond Debt Reimbursement Program.
The maturity of the bonds will range from 1 to 15 years. The issuance of $12,995,000 in bonds, assuming an average coupon rate of 4.8%, would result in $370,500 of debt service annually after the 70% State reimbursement. This amount of debt service would increase the average areawide debt service mill levy by approximately .14 mills or $14 in tax for each $100,000 of assessed value.
This resolution is an example for reference only. It does not contain the name of the winning bidder. Bids will be accepted on Monday March 11, 2002. Standard practice is to accept bids within 24 hours of submission. As such, the actual resolution for action will be red folder in order to meet the standard time window for accepting bond bids.
I recommend this resolution be adopted.
Note: Agenda packets are available for review at the Juneau Municipal Libraries and online at www.juneau.org.
ADA Accommodations Available Upon Request: Please contact the Clerk's office 72 hours prior to any meeting so arrangements can be made to have a sign language interpreter present or an audiotape containing the Assembly's agenda made available. The Clerk's office telephone number is 586-5278, TDD 586-5351, e-mail: Laurie_Sica@ci.juneau.ak.us.