06-14-2021 Council Packet - Laserfiche WebLink

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CITY COUNCIL AGENDA ITEM 2A STAFF ORIGINATOR: Hannah Lynch, Finance Director MEETING DATE: June 14, 2021 TOPIC: Consider Resolution No. 21-56, Awarding the Sale of $1,815,000 General Obligation Street Reconstruction Bonds, Series 2021A VOTE REQUIRED: 3/5 INTRODUCTION The City of Lino Lakes has awarded bids and is undertaking a 2021 Street Improvement Project. As previously discussed, the street reconstruction portion of the project will be financed through the issuance of bonded debt. BACKGROUND On February 8, 2021, the City Council accepted bids and awarded a construction contract for the 2021 Street Improvement Project. The project includes street reconstruction and street rehabilitation. The street reconstruction portion includes a full depth reclamation, spot subgrade repairs, and culvert replacements in the following areas: • 4th Avenue between Main Street and Pine Street • Joyer Lane between Birch Street and Karth Road • Karth Road between Joyer Lane and the cul-de-sac • Talle Lane between Karth Road and Canfield Road • Canfield Road between Talle Lane and Gaage Lane • Gaage Lane between Canfield Road and Birch Street In order to finance these improvements, the City planned to issue General Obligation Street Reconstruction Bonds. The street rehabilitation portion of the project will be funded from other sources. On May 10, 2021, the City Council approved Resolution No. 21-43, providing for the issuance of approximately $1,815,000 General Obligation Street Reconstruction Bonds, Series 2021A to finance the improvements noted above. The City has since issued its Official Statement and advertised for bids for this issue. Bids are scheduled to be received the morning of June 14 by the City’s financial advisor, Baker Tilly. Terri Heaton of Baker Tilly will be in attendance to present the results of the bidding process. Approval of Resolution No. 21-56 awards sale of General Obligation Street Reconstruction Bonds, Series 2021A, in the proposed aggregate principal amount of $1,815,000. RECOMMENDATION Staff is recommending approval of Resolution No. 21-56.