| | | | | | | |  | STAFF REPORT
For Meeting of August 10, 2020
MAYOR AND MEMBERS OF THE CITY COUNCIL | Agenda Item # 7.A.
TITLE: Resolution No. 2163-Authorization to execute and deliver a Full Faith and Credit Financing Agreement |
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| | | | | | | | Subject
Resolution 2163 - Authorization to execute and deliver a Full Faith and Credit Financing Agreement to Renovate the Basement of the City of Hermiston Library and build a new City Hall.
Summary and Background
In December of 2019, an electrical fire rendered City Hall inhabitable for the conduct of the City's business. The City Council then decided it was time to consider (and ultimately approve) the building a new City Hall on the current site. This authorizing resolution will allow for the issuance of Full Faith and Credit bonds to obtain $9,600,000 to both renovate the basement of the City of Hermiston Library as a "temporary City Hall" as well as to build a new City Hall.
Tie-In to Council Goals:
Supports the City Council Goal and Action Plan for 2020, Item #6, Provide Quality Public Services and Facilities
Fiscal Information
This Full Faith & Credit Bond Obligation will allow for issuance of bonds to raise the amount of $9,600,000 to renovate the basement of the City of Hermiston Library as well as build a new City Hall.
Alternatives and Recommendation
Alternatives
1. Approve the Authorizing Resolution as presented.
2. Do not approve the Authorizing Resolution
Recommendation
Staff recommends approval of the Authorizing Resolution as presented.
Requested Action/Motion
Request a motion to approve Resolution 2163 as presented.
Submitted By: Mark Krawczyk |
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