ADMINISTRATION Joe Huss, Finance Director
Title
ACCEPT RECOMMENDATION TO FUND 2014 AND 2015 CAPITAL PURCHASES WITH A COMPETETIVE SALE OF GENERAL OBLIGATION CERTIFICATES OF INDEBTEDNESS
Background
At the November 6 City Council Meeting, the Council authorized the City's fiscal consultant, Springsted, Inc. to solicit proposals for the sale of Certificates of Indebtedness either as a direct placement with a banking institution, or as a public offering. Based on the attached recommendation from Springsted, a competitive sale is estimated to be the more cost-effective method of funding the capital purchases.
The attached resolution authorizes a committee comprised of the Mayor, the City Manager, and the Finance Director to accept a bid within certain parameters outlined in the resolution - an aggregate principal amount not to exceed $2,600,000 and a true interest cost not to exceed 2%.
Recommendation
Adopt the attached resolution authorizing sale of General Obligation Equipment Certificates of Indebtedness.
Body
See attached