Laserfiche WebLink
COMMUrIFIY PRIDE <br />1953 - <2003 <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www ci.li ttle- canada. mn. us <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: June 20, 2003 <br />RE: Reimbursement Resolution for 2003 Improvement Projects <br />iVL'!) OR <br />Michael L Fahey <br />COUNCIL <br />lim LaValle <br />Matt Anderson <br />Rick Montour <br />Bill Blescner <br />ADM INLSTRATOR <br />Joel R. Hanson <br />Attached is a resolution staff recommends be adopted by the City Council. This will enable us to issue <br />debt to reimburse ourselves for the assessable portion of the 2003 Improvement projects within three <br />years of the date of the resolution. (Market Place Drive, Stark Street, and Sextant) <br />Currently, staff plans to have the assessable portion of the improvements financed as an internal <br />investment given the interest rate we can charge versus what we can cam on our investments. (5.0 to <br />6.5% versus 4.5 to 5.0% for a ten -year period respectively.) It also provided us a hedge against <br />prepayments where the interest rate we can earn on the prepayments is Less than what we pay on the <br />bonds. At his time, I do not anticipate we will issue debt but I would recommend we keep the option <br />open as a precaution. <br />cc: Mark Ruff, Ehlers & Associates <br />