ADMINISTRATION Joe Huss, Finance Director
Title
AUTHORIZE SALE OF GENERAL OBLIGATION CERTIFICATES OF INDEBTEDNESS, SERIES 2014B
Background
The adopted 2014 and 2015 Capital Fund Budgets authorized the use of equipment certificates to fund a portion of the budget. The budgeted estimate for the equipment to be purchase with the certificates totals $2,533,615; with issuance and other costs bringing the certificates total to $2,551,000. The use of the proceeds is summarized in the attached schedules.
In an effort to provide opportunities for local banks to partner with the City, Council will authorize the City's fiscal consultant, Springsted, Inc., to solicit proposals from local banks to write the 2014 Equipment Certificate. With that regard, preliminary work has begun and local banks have been contacted regarding their interest in writing an equipment certificate. The preliminary work is outlined in the attached recommendation from Springsted. Bids will be due the morning of November 20, and awarded at the Council meeting later that evening.
Recommendation
Adopt following resolution authorizing sale of General Obligation Equipment Certificates of Indebtedness.
Body
WHEREAS, the City Council of the Blaine (the "City") has heretofore determined that it is necessary and expedient to issue its $2,550,000 General Obligation Equipment Certificates of Indebtedness, Series 2014B (the "Certificates"), to finance the acquisition of various capital equipment for the City;
WHEREAS, the City has retained Springsted Incorporated in St. Paul, Minnesota ("Springsted"), as its independent financial advisors for the Certificates and is therefore authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9);
NOW, THEREFORE, BE IT RESOLVED by the City Council of the Blaine, Minnesota as follows:
1. Authorization; Findings. The City Council hereby authorizes Springsted to solicit proposals for the sale of the Certificates.
2. Meeting; Proposal Opening. The City Council shall meet on November 20, 2014 to award the sale of the Certificates and approve the terms in connection with the sale of the Certificates.
3. Offering Document. In connection with said sale, to the extent needed, the officers or employees of the City are hereby authorized to cooperate with Springsted and participate in the preparation of an offering document for the Certificates.
PASSED by the City Council of the City of Blaine this 6th day of November 2014.