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• <br />AGENDA ITEMS 2A (i) <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE October 25, 2004 <br />TOPIC Consideration of Resolution 04 -163 Awarding the Sale of <br />$1,330,000 G.O. Improvement and Utility Revenue Bonds, Series <br />2004A <br />VOTE REQUIRED <br />BACKGROUND <br />Simple Majority <br />At its meeting held September 27, 2004, the City Council passed Resolution 04 -142 Providing for <br />the Issuance and Sale of $1,330,000 G.O. Improvement and Utility Revenue Bonds, Series <br />2004A. This bond issue is necessary to finance public improvement projects for Birch & Hodgson <br />Street Improvements, Marshan Estates Utilities, 62' Street Reconstruction and Holly Drive Street <br />Reconstruction. The City's financial advisor, Springsted, Inc., received bids for the issue earlier <br />today. Terri Heaton, our representative from Springsted, will be in attendance to outline the <br />outcome of the bids received and their recommendations for award of the sale. <br />It is anticipated that there will be a successful bidder for the G.O. Improvement and Utility <br />Revenue Bonds, Series 2004A. This issue has a 15 -year term running from 2006 through 2020 <br />and would be repaid through the levy of special assessments against the benefited parcels and <br />from future utility revenues. <br />Pending the outcome of the competitive bid process, it is staffs recommendation that the City <br />Council adopt Resolution 04 -163 Awarding the Sale of $1,330,000 G.O. Improvement and Utility <br />Revenue Bonds, Series 2004A. <br />OPTIONS <br />1. Adopt Resolution 04 -163. <br />2. Refer to Staff for further review. <br />3. Deny Resolution 04 -163. <br />RECOMMENDATION <br />Option 1 <br />• <br />