Bond Events 2015

Agendas & Minutes

View City Council Agendas and Minutes

April 2015

  • April 1, 2015: Finance Director Beth Kelly asked Sanford City Council to consider appropriating money from Fund Balance for bond projects. The City would then reimburse itself from the bond issuance.

February 2015

  • February 25, 2015: Finance Director Beth Kelly reported to Sanford City Council that the City would pursue bond financing with First Citizens Bank due to its low interest rate and favorable terms.
  • February 11, 2015: Sanford City Council was asked to consider awarding the Downtown Sanford Streetscape construction project to Fred Smith Company for $4,746,856. Fred Smith Company also came in lowest for downtown Jonesboro at $2,663,972.50. City recommended awarding sidewalk projects to Sandhills Contractors. Sidewalks were put to bid in two categories. Bid A came in a $776,989.60 and Bid B was $372,071.

January 2015

  • January 30, 2015: A Strategic Asset Value meeting was held in the West End conference room at City Hall. The meeting was the first step in Brailsford and Dunlavey's process of determining the feasibility of a multi-sports complex.
  • January 28, 2015: In an inter-local meeting, City Manager Hal Hegwer and Mayor Chet Mann updated Lee County of the timeline and placement for sidewalk projects.
  • January 20, 2015: Sanford City Council held a work session to discuss bids received for the sidewalk and streetscape projects, including a $470,000 shortfall for sidewalks.
  • January 27, 2015: The City received high ratings from Moody's and Fitch Ratings. Bank of America Merrill Lynch then purchased the bond debt at a true cost of 2.3501%.
  • January 6, 2015: At a work session, Finance Director Beth Kelly shared with Sanford City Council that ratings would be back soon, and so the City's plan was to sell streetscape and sidewalk bonds on January 21. The sale would close on February 12 and funds would be received on February 13. City Engineer Paul Weeks and Public Works Director Vic Czar updated Council about the plans for the next steps in the projects.
  • At the Council meeting after, Council approved a resolution to issue $8,500,000 general obligation public improvement bonds to cover streetscapes, pedestrian improvement, and sidewalks.