Laserfiche WebLink
<br />e <br /> <br />- <br /> <br />e <br /> <br />M E M 0 RAN 0 U M <br /> <br />March 6, 1985 <br /> <br />TO: City Council <br /> <br />FROM: Warren G. Wong, Finance Director <br /> <br />SUBJECT: BANCROFT BOND SALE <br /> <br />On February 13, 1985, you authorized the sale and issuance of $2,235,000 in <br />General Obligation Bancroft Improvement Bonds, Series "K". Under the Bancroft <br />Bonding Act, property owners benefiting from adjacent public improvements <br />may elect to pay their share of the project's cost through an assessment <br />program over a period up to ten years. As part of the City.s security, the <br />City has first lien rights against the property. In this particular situation, <br />the proceeds of the Bancroft Bond sale will be used to replenish the fund <br />balance in the Warrant Redemption Fund, which initially paid for that portion <br />of the public improvement that benefitted adjacent property owners. <br /> <br />On March 13, 1985, the Ciky will accept bids,from financial entities interested <br />in the purchase of the Bancroft Bonds. At your Council meeting of that date, <br />we will announce the financial institution submitting the low bid on this , <br />particular Bancroft Bond sale. The accompanying resolution will be processed <br />at that time to attest to Council IS acceptance of the bid. <br /> <br />cc: C. Dallas <br />D. Lilley <br /> <br />Attachment - 1 <br /> <br />Ell OlWGW <br />