ITEM: 12.7 ADMINISTRATION - Joe Huss, Finance Director
Title
AWARDING THE SALE OF $5,075,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2013A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT
Background
On April 4, 2013, Council approved Springsted, Inc., the City's Financial Advisor, to accept bids for the sale of $5,075,000 general obligation refunding bonds, the proceeds from which will be used to refund the City's General Obligation Capital Improvement Bonds, Series 2005A. The 2005A bonds have a final maturity of February 1, 2026. The refunding would not extend the maturity schedule. 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 May 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 April 4, 2013 Council meeting.
Schedule of Actions
04/04/13 Council Meeting - Set sale of $5,075,000 General Obligation Capital Improvement Refunding Bonds, Series 2013A
05/02/13 Council Meeting - Consider resolution awarding sale of General Obligation Capital Improvement Refunding Bonds, Series 2013A
Recommendation
By motion, approve attached Resolution.