City of Blaine Anoka County, Minnesota - File #: RES 18-114

• File #: RES 18-114
• Version: 1
• Name: Award Sale of 2018A SBM Equipment Certificates
• Type: Resolution
• Status: Passed
• File created: 6/7/2018
• In control: City Council
• On agenda: 6/7/2018
• Final action: 6/7/2018
• Title: AWARDING THE SALE OF $1,070,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2018A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT
• Sponsors: Joe Huss

Date	Ver.	Action By	Action	Result
6/7/2018	1	City Council	Adopted	Pass

ADMINISTRATION - Joe Huss, Finance Director

Title

AWARDING THE SALE OF $1,070,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2018A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT

Background

On May 3, 2017, Council approved Springsted, Inc. the City’s Financial Advisor, to accept bids for the sale of $1,070,000 general obligation equipment certificates of indebtedness to finance the purchase of a ladder truck and associated equipment for use by SBM Fire.  The sale of the certificates was confirmed by the Cities of Mounds View and Spring Lake Park, the other two members of the Joint Power.  The bonds will be repaid through a special debt service levy by the three participating cities according to each city’s respective share as calculated annually pursuant to the JPA.  As such, the certificates are considered general obligations of the cities.  Bids were due this morning at 10 a.m.  The attached resolution is a template and is correct to form but incomplete as final bid numbers will not be available until mid-afternoon on the day of the sale. A representative from Springsted will be at the meeting to deliver the completed resolution, inform the Council of the bid results, and provide a recommendation for further action by the Council.

Additionally and pursuant to the existing JPA, in order to issue bonds or other debt instruments, a supplement to the JPA, approved by all members and specifying each of the joint power member cities’ obligations to the particular debt issue, is required.  Thus, a Fourth Supplement to the Joint Powers Agreement (attached as Exhibit B in the resolution) has been prepared by Blaine’s bond counsel and will be approved in conjunction with the approval of the attached resolution.

The resolution calling for the sale of the certificates was approved at the May 7, 2018 Council meeting.

Recommendation

By motion, adopt the attached resolution

Body

PASSED by the City Council of the City of Blaine this 7^th day of June, 2018.