05/29/2007 Council Packet - Laserfiche WebLink

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RECOMMENDATIONS Re: Recommendations for the Issuance of $4,215,000 General Obligation Tax Increment Bonds, Series 2007A (the °Bonds" or the "Issue ") We respectfully request your consideration of our recommendations for the above -named Issue. Proceeds of the Bonds will be used to finance the 35W and Lake Drive Interchange and related street improvements within the City. We recommend the following for the Bonds: 1. Action Requested To establish the date and time of receiving bids and establish the terms and conditions of the offering. 2. Sale Date and Time 3. Method of Sale 4. Authority for the Bonds 5. Repayment Term 6. Security and Source of Payment Monday, June 25, 2007 at 11:00 A.M., with consideration for award by the City Council at 6:30 PM that same evening. The Bonds will be sold through a competitive bidding process. In the interest of obtaining as many bids as possible, we have included a provision in the attached Terms of Proposal for underwriters to submit their bids electronically through the electronic bidding platform of PARITY ®. In addition, physical bids (by phone or fax) will be accepted at the offices of Springsted. The Bonds are being issued pursuant to Minnesota Statutes, Chapters 469 and 475. The Bonds will mature annually February 1, 2009 through 2024. Interest will be payable semi - annually each February 1 and August 1, commencing February 1, 2008. The Bonds will be general obligations of the City, secured by its full faith and credit and taxing power. The Bonds will be repaid with a combination of ad valorem property taxes and tax increment (TIF) revenues from the City's Tax Increment Financing District Nos. 1 -10 and 1 -11. The City will make its first levy for the Bonds in 2007 for collection in 2008. The City will use available funds on hand along with TIF revenues to make the interest payment due February 1, 2008. • • •