Laserfiche WebLink
W Std Walzaada <br />MAYOR <br />Bill Blesener <br />COUNCIL <br />Jinn LaValle <br />Rick Montour <br />Barbara Allan <br />John Keis <br />515 Little Canada Road, Little Canada, MN 55117-1600 ADMINISTRATOR <br />(651) 766 -4029 / FAX: (651) 766 -4048 Joel R Hanson <br />www. ci.little -canad a. mn. us <br />MEMORANDUM <br />TO: Mayor and Council <br />FROM: Joel Hanson <br />Shelly Rueckert <br />DATE: January 19, 2007 <br />RE: 2007 Bond Issuance <br />As contemplated by the 2007 budget, bond financing was going to be used to fund the <br />Viking Drive and Canabury Drive reconstruction and Boss Road construction costs. <br />Financing is required given a significant portion of the project costs will be required to be <br />spent prior to the availability of MSA or Grant funds. <br />In a preliminary bond structuring meeting with Elhers, it was suggested that the Council <br />pass a reimbursement resolution, see exhibit A. The suggested resolution ensures that the <br />City can reimburse itself any project costs incurred prior to the bond issuance date. A <br />bonding level of $3,515,000 was included in the Declaration as a maximum amount of <br />bonding required. Given the closing on the Oasis gas station will likely predate the <br />issuance of bonds, staff has recommended the adoption of the resolution and related <br />documents attached as exhibit B. <br />