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• <br />• <br />• <br />AGENDA ITEM 3A <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE June 24, 2002 <br />TOPIC Consideration of Resolution 02 -60 Awarding the Sale of $645,000 <br />G.O. Improvement Bonds, Series 2002A and 02 -61 Awarding the <br />Sale of $2,110,000 Taxable G.O. Improvement Bonds, Series <br />2002B <br />VOTE REQUIRED <br />BACKGROUND <br />Simple Majority (3/5) <br />On May 13 the City Council approved Resolution 02 -41 providing for the issuance and sale of <br />$2,730,000 G.O. Improvement Bonds, Series 2002A. The proceeds of this bond issue are <br />needed to finance public improvement projects for Lake Drive /Apollo Drive, Twilight Acres <br />Sanitary Sewer and West Shadow Ponds Street and Utilities. Since that time it has been <br />determined by bond counsel that the Lake Drive /Apollo Drive Improvements do not qualify for tax - <br />exempt financing due to the terms of the City Charter. Therefore, the original proposal has been <br />broken into two issues, a $645,000 tax - exempt issue and a $2,110,000 taxable issue. <br />The date of the sale has been set for June 24, 2002, with consideration for award by the City <br />Council at it's meeting the same day. Bids have been received and tabulated by our financial <br />advisor, Springsted, Inc., and they will report the results of the bidding and provide a <br />recommendation for the award of bids to the City Council this evening. <br />Staff recommendation is for the City Council to approve, in separate actions, Resolutions 02 -60 <br />and 02 -61 Awarding the Sale of $645,000 G.O. Improvement Bonds, Series 2002A and <br />$2,110,000 Taxable G.O. Improvement Bonds, Series 2002B, respectively. <br />OPTIONS <br />1. Adopt Resolutions 02 -60 and 02 -61 in separate motions. <br />2. Refer to Staff for further review. <br />3. Deny Resolution 02 -60 and 61. <br />RECOMMENDATION <br />Option 1 <br />