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Office of: <br />JOEL R. HANSON, Administrator <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />612.484 -2177 <br />FAX: 612. 484.4538 <br />CITY OF LITTLE CANADA <br />RAMSEY COUNTY, MINNESOTA <br />MEMORANDUM <br />TO: Mayor Fahey and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: September 7, 1990 <br />RE: Bond Issue Advanced Refunding <br />Attached is a proposal received from Springsted, Inc. <br />relative to the advanced refunding of two bond issues. The <br />bond issues are the $1,480,000 G.O. Improvement of 1983 and <br />the $1,000,000 G.O. Refunding Bonds of 1985. You will note <br />that in their initial analysis, they anticipate a total net <br />savings of approximately $50,000. This amount would be <br />spread over the remaining five years of the bond issue's <br />life. <br />The possibility of this advanced refunding was brought to <br />our attention by Springsted. Springsted maintains a data <br />base whereby they can analyze outstanding bond issues to <br />determine when the feasibility of a refunding exists. In <br />this case, they determined that our two bond issues met the <br />criteria for advanced refunding and they brought it to our <br />attention. <br />The issue this raises is that of our relationship with a <br />fiscal agent. Juran & Moody has been the City's fiscal <br />agent for virtually all issues in the past. It is my <br />opinion they have performed admirably in this regard. <br />Springsted is also a well regarded financial advisory firm <br />in Minnesota. I have had experience with Springsted in the <br />past and with the personnel they have assigned to this <br />proj-ect. I have no doubt they will do a respectable job. <br />Because Springsted took the initiative to identify the <br />potential for this advanced refunding, I feel it is only <br />fair that they be awarded the work associated with it. <br />This is not to say that they will become the City's fiscal <br />agents. At this point in time, I see no reason to make a <br />permanent change in our fiscal advisor. <br />In the proposal attached, I have made one change to the <br />schedule listed in Exhibit C. That is that the Council at <br />its meeting of September 12 will only make a decision <br />regarding the use of Springsted in the capacity of <br />1-image 19 <br />MAYOR <br />Michael Fahey <br />COUNCIL <br />Beverly Sea ire <br />Bill Blesener <br />Rick Collova. <br />Jim LaValle <br />