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• <br />AGENDA ITEM 3B <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE May 13, 2002 <br />TOPIC Consideration of Resolution 02 -41 Providing for the Issuance and <br />Sale of $2,730,000 G.O. Improvement Bonds, Series 2002A <br />VOTE REQUIRED <br />BACKGROUND <br />Simple Majority <br />The City Council has approved public improvement projects for Lake Drive /Apollo Drive, Twilight <br />Acres Sanitary Sewer and West Shadow Ponds Street and Utilities. It is necessary to issue and <br />sell General Obligation Improvement bonds to finance the improvements to be made in these <br />projects. Our financial advisor, Springsted, Inc., has issued it's recommendation for the issuance <br />of $2,730,000 G.O. Improvement Bonds. <br />If approved the sale would occur on June 24, 2002, with consideration for award by the City <br />Council at it's meeting the same day. The issue would have a 10 year term running from 2004 <br />through 2013 and would be repaid through the levy of special assessments against the benefitted <br />parcels. <br />Staff Recommendation is for the City Council to approve Resolution 02-41 Providing for the <br />Issuance and Sale of $2,730,000 G.O. Improvement Bonds, Series 2002A. <br />OPTTION'S <br />1. Adopt Resolution 02 -41. <br />2. Refer to Staff for further review. <br />3. Deny Resolution 02 -41. <br />Option 1 <br />