ADMINISTRATION - Joe Huss, Finance Director
Title
AWARDING THE SALE OF $10,880,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2016A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT
Background
On June 16, 2016, Council approved Springsted, Inc., the City’s Financial Advisor, recommendation to accept bids for the sale of $10,880,000 general obligation improvement bonds, the proceeds from which will be used in three parts, (1) to 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; (2) to fund the purchase and reimbursement of capital equipment through the issuance of a certificate of indebtedness; and (3) to refinance the City’s 2007A Capital Improvement bonds. 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 July 14. 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 16, 2016 Council meeting.
Schedule of Actions
Public Hearing to consider issuing Improvement bonds |
May 19, 2016 |
Resolution authorizing sale of bonds |
June 16, 2016 |
Resolution awarding sale of bonds |
July 14, 2016 |
Recommendation
By motion, approve attached Resolution and Escrow Agreement.
Body
RESOLUTION
(attached)