Laserfiche WebLink
• <br />• <br />• <br />AGENDA ITEMS 2A <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE June 25, 2007 <br />TOPIC Consideration of Resolution No. 07 -96 Awarding the Sale of <br />$4,215,000 General Obligation Tax Increment Bonds, Series <br />2007A <br />VOTE REQUIRED <br />Simple Majority <br />On May 29, 2007, the City Council approved Resolution No. 07 -80 calling for the issuance of <br />$4,215,000 G.O. Tax Increment Bonds to finance the reconstruction of the 35W /Lake Drive <br />interchange and related improvements. As stated at that meeting, the Series 2007A issue would <br />have a 16 -year term, with final maturity in February, 2024, and would be repaid through the tax <br />increments, as detailed above, and backed by MSA funding and, ultimately, the full faith and credit <br />of the City of Lino Lakes. The debt service schedule is structured to utilize TIF proceeds first, <br />with a tax levy schedule for the remaining debt service. The tax levy will be evaluated annually <br />and offset by MSA funds; the City Council would then cancel the tax levy on an annual basis, as <br />needed. <br />The City has since issued its Official Statement and advertised for bids for this issue. Bids were <br />received earlier today by the City's financial advisors, Springsted, inc. Terri Heaton of Springsted, <br />Inc. is here tonight to present the results of the bidding process. <br />Following Ms Heaton's presentation, it is staffs recommendation that the City Council adopt <br />Resolution No. 07 -96 Awarding the Sale of $4,215,000 General Obligation Tax Increment <br />Bonds, Series 2007A. <br />1. <br />2. <br />3. <br />4. <br />Adopt Resolution No. 07 -96. <br />Refer to Staff for further review. <br />Deny Resolution No. 07 -96 <br />Option 1 <br />