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• <br />AGENDA ITEMS 2A & 2B <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE September 26, 2005 <br />TOPIC Consideration of Resolution 05 -150 Awarding the Sale of <br />$5,550,000 Taxable General Obligation Improvement Bonds, <br />Series 2005A and Resolution 05 -151 Awarding the Sale of <br />$3,945,000 General Obligation Improvement Refunding Bonds, <br />Series 2005B <br />VOTE REQUIRED <br />BACKGROUND <br />Simple Majority <br />At its meeting held September 13, 2005, the City Council passed Resolution 05 -133 providing for <br />the issuance and sale of $5,550,000 Taxable G.O. Improvement Bonds, Series 2005A and <br />Resolution 05 -134 providing for the issuance and sale of $3,945,000 G.O. Improvement <br />Refunding Bonds, Series 2005B.. The Series 2005A bond issue is necessary to finance public <br />improvement projects in the Legacy at Woods Edge development. The Series 2005B refinances <br />two existing issues, the G.O. Improvement Bonds Series 1998A and 1998B, resulting in savings in <br />excess of $123,000 over the remaining term of the bonds. The City's financial advisor, <br />Springsted, Inc., received bids for these issues earlier today. Terri Heaton, our representative <br />from Springsted, will be in attendance to outline the outcome of the bids received and their <br />recommendations for award of the sale. <br />It is anticipated that there will be successful bidders for both issues. The Series 2005A issue has <br />a 15 -year term running from 2007 through 2021 and would be repaid through the levy of special <br />assessments against the benefited parcels. The Series 2005B issue would retire debt according <br />to the existing schedules, with full retirement occurring in 2015. <br />Pending the outcome of the competitive bid process, it is staff's recommendation that the City <br />Council adopt, in separate actions, Resolution 05 -150 awarding the sale of $5,550,000 Taxable <br />General Obligation Improvement Bonds, Series 2005A and Resolution 05 -151 awarding the sale <br />of $3,945,000 General Obligation Improvement Refunding Bonds, Series 2005B. <br />OPTIONS <br />1. Adopt Resolutions 05 -150 and 05 -151. <br />2. Refer to Staff for further review. <br />3. Deny Resolutions 05 -150 and 05 -151. <br />RECOMMENDATION <br />Option 1 <br />