M E M O R A N D U M
TO: Rick Current
FROM: Alan Matlosz, George K. Baum & Company
DATE: June 13, 2002
RE: Town of Foxfield Proposed Bond Election
Thanks for meeting with me on Monday. In terms of the road and drainage project, the best financing option would be general obligation bonds. These bonds would have to be approved by the voters in the Town in November or at a subsequent election. General obligation bonds offer several advantages including the lowest possible interest rates, a tax deduction for many taxpayers, and the flexibility to reduce the required tax levy if other revenues become available to make the bond payments.
The process of putting a general obligation bond issue on the ballot is one that involves several important steps. I will be available throughout to help you have a successful election.
First, the Town needs to determine the cost and scope of the project. Second, together, the Town, its investment banker (such as George K. Baum & Company) and its bond attorney (see suggested names below) can determine the tax impact of the project and begin drafting the ballot question. During this summer the Town can disseminate information about the proposed ballot question to its voters to provide information and receive feedback. Once the ballot question is officially certified for the ballot by the Town Board, the Town is subject to the Fair Campaign Practices Act. This law does not allow the Town to expend any resources in an effort to convince voters to vote for or against any ballot issue. Once the question is certified, any ?“campaign?” would have to be run by a campaign committee.
During the process from drafting the ballot question to meeting all the legal requirements, the investment banker and bond attorney will be available to assist the Town in any way possible. If the election is successful and bonds are issued, the bond attorney and investment banker would receive fees from the bond proceeds at closing. If the election fails, no money is owed to the bond attorney or investment banker.
There are three bond attorneys that are experienced with bond elections:
Rick Buddin
Kutak Rock ?– 303-297-2400
Peter Whitmore
Sherman & Howard ?– 303-299-8438
Erick Stowe
Becker, Stowe & Bieber ?– 303-830-0101
I look forward to discussing this project with you in more detail and I would be happy to meet with the Roads Committee and/or the Town Board at your convenience.
TO: Rick Current
FROM: Alan Matlosz, George K. Baum & Company
DATE: June 13, 2002
RE: Town of Foxfield Proposed Bond Election
Thanks for meeting with me on Monday. In terms of the road and drainage project, the best financing option would be general obligation bonds. These bonds would have to be approved by the voters in the Town in November or at a subsequent election. General obligation bonds offer several advantages including the lowest possible interest rates, a tax deduction for many taxpayers, and the flexibility to reduce the required tax levy if other revenues become available to make the bond payments.
The process of putting a general obligation bond issue on the ballot is one that involves several important steps. I will be available throughout to help you have a successful election.
First, the Town needs to determine the cost and scope of the project. Second, together, the Town, its investment banker (such as George K. Baum & Company) and its bond attorney (see suggested names below) can determine the tax impact of the project and begin drafting the ballot question. During this summer the Town can disseminate information about the proposed ballot question to its voters to provide information and receive feedback. Once the ballot question is officially certified for the ballot by the Town Board, the Town is subject to the Fair Campaign Practices Act. This law does not allow the Town to expend any resources in an effort to convince voters to vote for or against any ballot issue. Once the question is certified, any ?“campaign?” would have to be run by a campaign committee.
During the process from drafting the ballot question to meeting all the legal requirements, the investment banker and bond attorney will be available to assist the Town in any way possible. If the election is successful and bonds are issued, the bond attorney and investment banker would receive fees from the bond proceeds at closing. If the election fails, no money is owed to the bond attorney or investment banker.
There are three bond attorneys that are experienced with bond elections:
Rick Buddin
Kutak Rock ?– 303-297-2400
Peter Whitmore
Sherman & Howard ?– 303-299-8438
Erick Stowe
Becker, Stowe & Bieber ?– 303-830-0101
I look forward to discussing this project with you in more detail and I would be happy to meet with the Roads Committee and/or the Town Board at your convenience.
