ADMINISTRATION - Joe Huss, Finance Director
Title
PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $10,495,000 GENERAL OBLIGATION IMPROVEMENT BONDS,
SERIES 2019A
Background
The attached resolution calls for the sale of $10,495,000 in General Obligation Bonds, and sets the sale date of these bonds for May 20, 2019. The bonds would be issued per MN Statutes, Chapters 429 and 475. Proceeds from the bonds will be used for to fund 2019 pavement management program (PMP) project costs related to public improvements that are funded in part by assessments against property owners. Those projects are:
• Improvement Project 18-16, Lever Street Area Reconstruction
• Improvement Project 18-17, Jefferson Street Area Reconstruction
• Improvement Project 18-18, Cloverleaf Pkwy Area Reconstruction Phase I
• Improvement Project 19-07, Reconstruction of Tournament Players Parkway
Baker Tilly, MA (formerly Springsted, Inc.), the City’s Municipal Advisor, has provided a recommendation to the City (attached) that outlines the sale date, amount, and structure of the proposed bond.
Schedule of Actions
04/15/19 Council Meeting - Set sale of $10,495,000 General Obligation Bonds, Series 2019A
05/20/19 Council Meeting - Consider resolution awarding sale of General Obligation Bonds, Series 2019A
Recommendation
By motion, approve attached Resolution.
Body
BE IT RESOLVED by the City Council of the City of Blaine, Minnesota, as follows:
1. Finding; Amount and Purpose. It is hereby found, determined and declared that the City of Blaine, Minnesota (the “City”), should issue $10,495,000 General Obligation Improvement Bonds, Series 2019A, to finance various street improvement projects within the City.
2. Meeting. This City Council shall meet on the date and at the time and place specified in the form of Terms of Proposal attached hereto as Exhibit A for the purpose of awarding the sale of the Bonds.
3. Competitive Negotiated Sale. The City has retained Baker Tilly Municipal Advisors, LLC (“Baker Tilly MA”) as an independent financial advisor, and the City Council hereby determines to sell the Bonds by private negotiation, by way of a competitive sale in response to Terms of Proposal for the Bonds which are not published in any newspaper or journal.
4. Terms of Proposal. The terms and conditions of the Bonds and the sale thereof are fully set forth in the “Terms of Proposal” attached hereto as Exhibit A and hereby made a part hereof.
5. Official Statement. The City Finance Director and other officers or employees of the City are hereby authorized to participate with Baker Tilly MA in the preparation of an official statement for the Bonds.
PASSED by the City Council of the City of Blaine this 15th day of April 2019