Public Hearing-March 23, 2020
NOTICE IS HEREBY GIVEN that the City Council of the City of Milford, Delaware will hold a Public Hearing on Monday, March 23, 2020, at 7:00 pm (or as soon thereafter as the matter may be heard) in the Council Chambers at Milford City Hall, 201 South Walnut Street, Milford, Delaware. The purpose of the hearing is to take Public Comment concerning a proposal to borrow up to $18,500,000 for a new Police Facility.
At its regular meeting on February 24, 2020, City Council adopted Resolution 2020-13B authorizing the Public Hearing, in accordance with Article VIII, Borrowing of Money and Issuance of Bonds, of the Charter of the City of Milford, as amended by 72 Del. Laws, c. 148; 76 Del. Laws, c. 199; 77 Del. Laws, c. 405; 81 Del. Laws, c. 136; 81 Del. Laws, c. 416, which reads as follows:
AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS IN AN AMOUNT NOT TO EXCEED $18,500,000 AND
SCHEDULING OF PUBLIC HEARING ON MARCH 23, 2020
WHEREAS, the City Council of the City of Milford, Delaware (“City”) has been advised that up to $18,500,000 is required to finance the design, construction and equipping of a police station and to complete other necessary infrastructure improvements in connection therewith, as well as other miscellaneous capital projects (the “Capital Project”).
WHEREAS, the Capital Project is expected to be financed through the issuance of the City of Milford General Obligation Bonds, in one or more series, including the Series 2020 Bonds (the “Bonds”).
NOW, THEREFORE, THE CITY OF MILFORD HEREBY ORDAINS:
- The Council hereby proposes unto the electors of the City that an amount of money not exceeding $18,500,000 be borrowed to finance the Capital Project.
- The average rate of the interest of the Bonds shall not exceed 3.5%.
- The Bonds shall be secured by the full faith and credit of the City.
- The Bonds shall be paid or funded from the tax revenues of the City.
- The City will be authorized to use the Bond proceeds to fund the Capital Project and will be authorized to use a portion of the proceeds of the Bonds to pay costs associated with the issuance of the Bonds.
- The City Council hereby establishes that a Public Hearing upon the Resolution and the proposed borrowing described herein shall be held on Monday, March 23, 2020 at 7:00 p.m., in the Joseph “Ronnie” Rogers Council Chambers at the Milford City Hall located at 201 South Walnut Street, Milford, Delaware 19963, and hereby directs that notice of such hearing be published and posted as required by Article VIII of the Charter of the City of Milford.
s/Mayor Arthur J. Campbell
s/City Clerk Teresa K. Hudson
Resolution 2020-13B was thereupon declared duly adopted by the majority vote of City Council on February 24, 2020.
By: Teresa K. Hudson, MMC