ITEM: 12.1 ADMINISTRATION - Joe Huss, Finance Director
Title
AWARDING THE SALE OF $1,970,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2012A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT
Background
On April 5, 2012, Council approved Springsted, Inc., the City's Financial Advisor, to accept bids for the sale of $1,970,000 general obligation improvement bonds, the proceeds from which will be used to both reimburse the City and fund pavement management program (PMP) project costs related to public improvements that have been funded at least in part by assessments against property owners. Bids were due at 10:00 a.m. this morning. The attached resolution is a template and is correct as to form, but incomplete, as final bid numbers will not be available until mid-day on May 3. A representative from Springsted will be at the meeting to deliver the completed resolution, and inform the Council of the bid results and the recommended Council action.
The resolution calling for the sale of the bonds was approved by Council at the April 5, 2012 Council meeting.
Schedule of Actions
Resolution authorizing sale of bonds |
April 5, 2012 |
Resolution awarding sale of bonds |
May 3, 2012 |
Recommendation
By motion, approve attached Resolution.
Body
RESOLUTION ATTACHED