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CITY COUNCIL <br />AGENDA ITEM 2A <br /> <br />STAFF ORIGINATOR Al Rolek , Director of Finance <br /> <br />MEETING DATE June 24, 2013 <br /> <br />TOPIC Consideration of Resolution 13 -78 Awarding Sale of Taxable General <br />Obligation Improvement Bonds, Series 201 3 A <br /> <br />VOTE REQUIRED Simple Majori ty <br /> <br />INTRODUCTION <br /> <br />The City has awarde d a bid to construct the extension of Otter Lake Road north of CSAH 14 . Th is project <br />require s debt financing to fund the construction of the improvements. <br /> <br />BACKGROUND <br /> <br />O n May 28, 2013 , the City Council approved Resol ution No. 13 -68 authorizing the issuance of <br />approximately $615 ,000 Taxable G.O. Improvement Bonds , Series 2013 A. The purpose of the bonds is to <br />finance the extension of Otter Lake Road north of CSAH 14 as noted above . The bond issue would have a <br />10 -yea r term and w ill be repaid through special assessments levied against benefitted parcels . <br />The City has since issued its Official Statement and advertised for bids for this issue. Bids were received <br />earlier today by the City’s financial advisors, Springst ed, Inc. Terri Heaton of Springsted, Inc. is here <br />tonight to present the results of the bidding process. The exact amount of the bonds to be sold will be <br />determined pending the outcome of the bids. <br /> <br />RECOMMENDATION <br /> <br />Following Ms Heaton’s presentation, sta ff recommend s that the City Council adopt Resolution No. 13 -78 <br />Awarding the Sale of Taxable General Obligation Improvement Bonds, Series 201 3 A. <br /> <br />ATTACHMENTS <br /> <br />Resolution 13 -78 .