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|April 12, 2018 City Council Regular Meeting|
24. Motion to Adopt Resolution to Provide for the Issuance of City of Savannah Fire System Revenue Bond, Series 2018
A resolution of the Mayor and Alderman of the City of Savannah to provide for the issuance of its City of Savannah Fire System Revenue Bond, Series 2018, in the principal amount not to exceed $1,200,000, which will be payable from the revenue fund created in connection with the fire services utility district.
The bond will be secured by a pledge of and charge or lien on the gross revenue of the fire system. The proceeds of the bond issue will be used to: 1) fund the issuance costs of the bond and 2) purchase a fire rescue vehicle for the Savannah Fire Department. This rescue apparatus will provide for incident support of personnel and equipment to meet response requirements. Savannah Fire will staff the rescue apparatus with personnel who receive specific training and specialized equipment to respond to incidents involving high angles, confined spaces, vehicle and machinery victim extrication, trench collapse, structural collapse, and person in the water incidents.
David Maxwell, CFO
Average annual debt service payments to be made from the Fire Services Special Revenue Fund of $250,000 for the years 2019 through 2023.
Bond issuance details projected - 4-3-2018.pdf
res-bond (v3) 04-06-18 (with Exhibit A).pdf