ADMINISTRATION - Joe Huss, Finance Director
Title
AWARDING THE SALE OF $4,010,000 TAXABLE GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2017A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT
Background
On October 5, 2017, the City Council approved Springsted, Inc. (the City’s Financial Advisor) recommendation to accept bids for the sale of $4,020,000 taxable general obligation improvement bonds, the proceeds of which will be used to fund the construction of Lever Street from 125th Avenue NE to 132nd Avenue NE, and related improvements, including sanitary sewer and water. The improvements have been funded 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 November 2. 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 October 5, 2017 Council meeting.
Schedule of Actions
|
Resolution authorizing sale of bonds |
October 5, 2017 |
|
Resolution awarding sale of bonds |
November 2, 2017 |
Recommendation
By motion, approve attached Resolution.
Body
RESOLUTION
(attached)