ADMINISTRATION - Joe Huss, Finance Director
Title
AWARDING THE SALE OF $2,390,000 GENERAL OBLIGATION WATER REVENUE REFUNDING BONDS, SERIES 2017B; 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 October 5, 2017, Council approved Springsted, Inc. (the City’s Financial Advisor) recommendation to accept bids for the sale of $2,505,000 general obligation water revenue refunding bonds. The proceeds of the bonds will be used to refinance the City’s 2008A General Obligation Water Utility Revenue 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 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)