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06-08-2020 Council Packet
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06-08-2020 Council Packet
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City Council
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Council Packet
Meeting Date
06/08/2020
Council Meeting Type
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CITY COUNCIL <br />AGENDA ITEM 2A <br /> <br /> <br />STAFF ORIGINATOR: Sarah Cotton, Finance Director <br /> <br />MEETING DATE: June 8, 2020 <br /> <br />TOPIC: Consider Resolution No. 20-57, Awarding the Sale of $4,800,000 <br />General Obligation Utility Revenue Bonds, Series 2020A <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />INTRODUCTION <br /> <br />The City of Lino Lakes has awarded bids and will be undertaking the construction of Water Tower <br />No. 3. As previously discussed, the construction of Water Tower No. 3 will be financed through the <br />issuance of bonded debt. <br /> <br />BACKGROUND <br /> <br />On August 26, 2019, the City Council accepted bids and awarded a construction contract for the <br />2019 Water Tower No. 3 Project. Water Tower No. 3 is a 1.5 million gallon (MG) composite tower <br />located off Birch Street and Centerville Road (City Property). In order to finance these <br />improvements, the City planned to issue General Obligation Utility Revenue Bonds. <br /> <br />On April 6, 2020, the City Council received preliminary information regarding the issuance of bonds <br />to finance Water Tower #3, including financing recommendations. Total project cost, based on bids <br />awarded and a construction contingency of 5%, is approximately $4,682,367. The General <br />Obligation Utility Revenue Bonds will be repaid over a 15-year period by utilizing revenues from the <br />City’s Area and Unit Trunk Utility fund. <br /> <br />On April 27, 2020, the City Council approved Resolution No. 20-43, providing for the issuance of <br />approximately $4,800,000 General Obligation Utility Revenue Bonds, Series 2020A to finance the <br />improvements noted above. The City has since issued its Official Statement and advertised for bids <br />for this issue. Bids are scheduled to be received the morning of June 8 by the City’s financial advisor, <br />Baker Tilly. Terri Heaton of Baker Tilly will be in attendance to present the results of the bidding <br />process. Approval of Resolution No. 20-57 awards sale of General Obligation Utility Revenue <br />Bonds, Series 2020A, in the proposed aggregate principal amount of $4,800,000. <br /> <br />RECOMMENDATION <br /> <br />Staff is recommending approval of Resolution No. 20-57. <br /> <br />ATTACHMENTS <br /> <br />Preliminary Official Statement <br />Resolution No. 20-57
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