Submitted by: Ron Brooks
Submitting Department: Finance
Agenda Section: Action
Item Title:
title
Hyattsville Resolution 2024-01: Authorizing the Issue and Sell of General Obligation Bonds (INTRODUCTION & ADOPTION)
end
Suggested Action:
recommendation
I move that the Mayor and Council introduce and adopt Hyattsville Resolution 2024-01, A resolution of the City Council of the City of Hyattsville (the "City") authorizing the issuance and sale of a series of the City's general obligation bonds pursuant to the authority described herein, such bonds to be designated "City of Hyattsville General Obligation Public Improvement Bonds" (the "Bonds") and to be issued in an original aggregate principal amount not exceeding $17,500,000, subject to the further provisions of this resolution.
The proceeds of the sale of the bonds are to be used and applied for the public purpose of permanently financing or reimbursing costs (as defined herein) of the project identified herein as 3505 Hamilton Street Public Safety Building, together with related costs, including costs of issuance; prescribing the form and tenor of the bonds and certain terms and conditions for the issuance and sale thereof at private sale through a negotiated underwriting or private placement with Mesirow Financial, Inc. (the "Underwriter") and other details incident to the issuance, sale, and delivery of the bonds; authorizing the negotiation, execution, and delivery of a bond purchase agreement or private placement agreement with the Underwriter; providing for adjustments in the preliminary maturity and amortization schedule for the bonds provided for herein and authorizing the Mayor to determine and fix certain terms and details in connection with the sale of the bonds; authorizing the preparation, completion, and distribution of a preliminary and a final official statement, limited offering memorandum, or a private placement memorandum in connection with the sale of the bonds; designating a bond registr...
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