The Atlantic City Council will hold a special session this Wednesday evening, March 13th. The meeting takes place in the Atlantic Senior Center, beginning at 5:30-p.m. During the session, the Council will act on a resolution awarding a contract to Dostals Construction Company, of Gretna, NE, for reconstruction of the tennis courts at Sunnyside Park. Dostal’s low bid for the project was $259,000.
The Council will also hold a public hearing and act on a Resolution pertaining to adoption of the Fiscal Year 2013-2014 Budget. The budget amounts to slightly more than $9.43-million dollars, which is down $3.71-million, or 28.2-percent, from the FY 2013 revised estimate of $13.1-million.The proposed budget will require a 48-cent increase per $1,000 of taxable valuation, or just under 2.5-percent. The proposed estimated total tax levy on regular property would be $17.68 per thousand, while the rate on agricultural land would be $3.00 per thousand.
City Administrator Doug Harris attributes the increase to the City’s Debt Service costs. Harris says the budget is relatively flat when adjustments are made for such items as the completion of the wastewater treatment plant improvements and a County Communications grant that was hosted by the fire department.
The Council will also act on approving a Resolution authorizing the use of a preliminary official statement in connection with the sale of General Obligation Corporate Purpose Bonds, series 2013-A, as it pertains to the hearing and pre-levy action taken by the Council on February 20th. Doug Harris is working with the City’s bonding agent to put together the required financial information prior to Wednesday’s meeting. The planned par amount of the bond issue remains at $2.72-million.
Assuming the Council approves the official statement during its meeting Wednesday, the next step is for them to consider on March 20th, a Bond Purchase Agreement, to lock in interest rates.