ADMINISTRATION - Joe Huss, Finance Director
Title
AWARDING THE SALE OF $30,105,000 GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 2018B; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; PROVIDING FOR THEIR PAYMENT; AND PROVIDING FOR THE REDEMPTION OF BONDS REFUNDED THEREBY
Background
On June 21, 2018, Council approved Springsted, Inc. (the City’s Financial Advisor) recommendation to accept bids for the sale of $30,105,000 general obligation water revenue bonds. The proceeds of the bonds will be used to finance the construction of a water treatment plant as well as to fund water utility technology upgrades including automated meter reading radio replacement and SCADA system improvements.
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 bids will not be available until mid-day on July 12. 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 June 21, 2018 Council meeting.
Schedule of Actions
|
Resolution authorizing sale of bonds |
June 21, 2018 |
|
Resolution awarding sale of bonds |
July 12, 2018 |
Recommendation
By motion, approve attached Resolution
Body
RESOLUTION
(attached)