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CITY COUNCIL <br />STAFF REPORT <br />AGENDA ITEM 2.113. <br />STAFF ORIGINATOR: Kelly Horn, Interim Finance Director <br />MEETING DATE May 27, 2025 <br />AGENDA ITEM: Resolution Authorizing the Sale of $8,665,000 G.O. Bonds, Series 2025A <br />VOTE REQUIRED: Simple Majority <br />INTRODUCTION <br />Staff is requesting Council approval to Authorize the Issuance of General Obligation Street <br />Reconstruction and Utility Revenue Bonds to finance certain public improvement projects <br />occurring in 2025. <br />BACKGROUND <br />Attached for review are items related to the issuance of general obligation street reconstruction <br />and utility revenue bonds for the 2025 Street Reconstruction and Water and Sewer Extension <br />projects occurring this year. <br />The City's proposed structure of the bond is as follows: <br />Due to the timing of the awarding of bids for the project, as well as the cash flow needed to finance <br />the projects, the sale of this bond is planned to occur on June 23, 2025, and the closing on bond <br />financing by the middle of July. <br />Staff is recommending approving the attached resolution which authorizes Ehlers, the City's <br />municipal advisor, to 'set the sale,' or receive competitive bids for the sale of the 2025A G.O. Street <br />Reconstruction and Utility Revenue Bonds in the amount of $8,665,000. This amount is enough to <br />finance the 2025 Street Reconstruction and Utility Extensions project, the utility improvements <br />related to the Marketplace realignment and Birch Street sanitary sewer crossing project, and the <br />associated bond issuance and underwriting costs. <br />The City's Municipal Advisor, Keith Dahl of Ehlers, will be at the meeting to review the proposed <br />structure of the bond, and the bond sale process. Following this memo is the Pre -Sale Report for <br />Series 2025A, and Resolution 2025-71. <br />