ADMINISTRATION - Joe Huss, Finance Director
Title
RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $1,145,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2018A
Background
The attached resolution calls for the sale of $1,145,000 in General Obligation Equipment Certificates of Indebtedness, and sets the sale date of the certificates for June 7, 2018. The proceeds will finance the purchase of a ladder truck and related equipment for the SBM Fire Department. The vehicle is scheduled for replacement pursuant to the SBM five-year capital plan.
The certificates will be repaid over five years by the three participating cities according to each city’s respective share as calculated annually pursuant to the Joint Powers Agreement. Should either the costs to purchase the equipment or the other costs be for less than the bonding proceeds, the proceeds could be used to reduce annual tax levies that will be used for repayment of the debt.
Springsted, Inc., the City’s Financial Consultant, has provided a recommendation (attached) that outlines the sale date, amount, and structure of the proposed certificates.
Recommended Council Action
By motion, approve the 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 (the “City”), should issue its $1,145,000 General Obligation Equipment Certificates of Indebtedness, Series 2018A (the “Certificates”), to finance various equipment for municipal fire protection and firefighting purposes (the “Project”).
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 Certificates.
3. Competitive Negotiated Sale. The City has retained Springsted Incorporated as an independent financial advisor, and the City Council hereby determines to sell the Certificates by private negotiation, by way of a competitive sale in response to Terms of Proposal for the Certificates which are not published in any newspaper or journal.
4. Terms of Proposal. The terms and conditions of the Certificates and the sale thereof are fully set forth in the form of 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 Springsted Incorporated in the preparation of an official statement for the Certificates.
PASSED by the City Council of the City of Blaine this 3rd day of May, 2018.