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CASSCLBERRv CITY COMMISSION Minutes of August 26, 2019 — Regular Meeting Page 15 of 20 Staff Presentation: City Manager Randy Newlon stated that Resolution 19-3119 provides for a bond issuance identified as "Taxable Sausalito Wall Special Assessment Revenue bond, Series 2019" in the aggregate principal amount of $1,643,579. Related Budget Amendment #19-043 is provided to recognize the debt proceeds, costs of issuance and related construction costs. Discussion: Staff issued an RFP (Request for Proposal) which closed on July 27, 2019, soliciting proposals for a bond issuance in an amount not to exceed $1,643,579. Acting upon advice from the financial advisor, staff selected Branch Banking and Trust Company as the debt issuer with the most favorable terms. The bond is requested to be issued as one debt issuance in the amount of $1,643,549 for ten (10) years, with an interest rate of 3.11% and annual debt service payments of $196,344, due semi-annually with a maturity date of July 1, 2029. Budget Amendment #19-043 recognizes the revenue from the debt issuance, related bond issuance costs, and costs associated with constructing the Sausalito Wall. Budget Impact: Approval of Budget Amendment #19-043 will increase the General Fund Debt Proceeds account #001-0000-384.00-00 in the amount of $1,643,579, Other Debt Service Cost account #001-0190- 517.73-00 in the amount of $43,500, and Other Contractual Services — Sausalito Wall account in the amount of $1,600,079. BA #19-043 Explanation of Request: This budget amendment seeks City Commission approval to recognize the debt proceeds for the issuance of Taxable Sausalito Wall Special Assessment Revenue Bond in the amount of $1,643,579 to be utilized for the construction of Sausalito Wall. Account Number Account Description Amount Increase: 001-0710-539.34-01 Other Contractual Service — Sausalito Wall $1,600,079 001-0190-517.73-00 Other Debt Service Cost $ 43,500 001-0000-384.00-00 Debt Proceeds $1,643,579 Recommendation: The City Manager and the Finance Director recommended approval of Resolution 19- 3119 and Budget Amendment #19-043. Audience Participation: No one came forward to address the Commission regarding Resolution 19-3119. MOTION: Commissioner Busch moved to approve Resolution 19-3119 and related Budget Amendment #19-043, as presented. Motion was seconded by Commissioner Meadows. Discussion: Brief discussion ensued during which Deputy Public Works Director/City Engineer Kelly Brock advised that the project is estimated to begin sometime in mid to late September of 2019, with completion of the project estimated to be March of 2020. Motion carried unanimously by voice vote 5-0.