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Item Coversheet Page 2 of 2 <br /> Proceeds from this fourth debt issue will fund the dredging initiative from extinguishment of currently available proceeds to the <br /> completion of the dredging initiative. <br /> Included in this debt issue are proceeds to finance the construction of three new fire station facilities replacing Fire Station 3 <br /> (Fairview at Millikin),Fire Station 5(Brentwood)and Fire Station 7(Airport). <br /> Included in this debt issue are proceeds to refund and liquidate the Busey Bank loan obligation financing the renovation of Fire <br /> Stations 1(HQ),2(William Street),4(22nd Street),and 6(South Shores). <br /> The City will use the BrechnitzGroup as an agent for sale of bonds to investors,Raymond James&Associates as the underwriter; <br /> Speer Financial,Inc.as financial advisor;and Chapman and Cutler,LLP,as bond counsel. <br /> POTENTIAL OBJECTIONS: There are no known objections to this ordinance request. <br /> INPUT FROM OTHER SOURCES: <br /> City Public Works Department, <br /> City Fire Department, <br /> Speer Financial,Inc.,Debt Issuance Financial Advisor, <br /> Raymond James and Associates,Inc.,Underwriter, <br /> Chapman&Cutler,LLP.,Bond Counsel <br /> STAFF REFERENCE: Tim Gleason,City Manager Gregg D.Zientara,City Treasurer&Director of Finance <br /> BUDGET/TIME IMPLICATIONS: <br /> Council passage of this ordinance will amend the 2018 budget to include the final revenue based on the proceeds received at the <br /> time of sale,2018 dredging project expense,as well as revenues and expense associated with the fire station initiatives. <br /> Approval action by the Council is time sensitive to enabling monies to be available to defray the cost of the dredging project in <br /> accordance with the construction schedule timelines of the dredging contractor, and provide for commencement of fire station <br /> construction initiative. <br /> ATTACHMENTS: <br /> Description Type <br /> Ordinance Cover Memo <br /> https:Hdecatur.novusagenda.com/AgendaWeb/CoverSheet.aspx?ItemID=1527 5/21/2018 <br />