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CITY COUNCIL <br />STAFF REPORT <br />AGENDA ITEM 2.A. <br />STAFF ORIGINATOR: Kelly Horn, Finance Director <br />MEETING DATE June 23, 2025 <br />AGENDA ITEM: Approval of Resolution 2025-91 Providing for the Issuance and Sale of <br />$8,090,000 General Obligation Bonds, Series 2025A and Levying a Tax <br />for the Payment Thereof <br />VOTE REQUIRED: Simple Majority <br />INTRODUCTION <br />Staff is requesting Council approval to Award the Sale of the General Obligation Street <br />Reconstruction and Utility Revenue Bonds to finance certain public improvement projects <br />occurring in 2025, including the 2025 Street Reconstruction & Utility Extension Project, as well <br />as Utility Improvements related to Marketplace Drive realignment and the Birch Street Sanitary <br />Sewer Crossing projects. <br />BACKGROUND <br />At the May 27th, 2025 meeting, Council authorized the sale of $8,665,000 General Obligation <br />Bonds, 2025A. The proceeds of this bond will be used to finance the 2025 Street <br />Reconstruction Project and Utility Extensions and Improvements that were included in the <br />2025 - 2029 Capital Improvement Plan (CIP). <br />The results of the bond sale, an approval resolution for Council, and the complete copy of the <br />issuance documents are attached. We were able to reduce the total amount of the bonds due <br />to the number of offers and the favorable interest rate. <br />The City's Municipal Advisor, Keith Dahl, will be at the meeting to discuss the bidding results <br />Page 32 of 142 <br />