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04/12/2010 Council Packet
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04/12/2010 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
04/12/2010
Council Meeting Type
Regular
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• <br />• <br />• <br />RECOMMENDATIONS <br />Re: Recommendations for the Issuance of $1,015,000* General Obligation Improvement and Utility Revenue <br />Refunding Bonds, Series 2010A (the "Bonds" or the "Issue ") <br />We respectfully request your consideration of our recommendations for the above -named Issue. Proceeds of the <br />Bonds will be used to refund the February 1, 2011 through February 1, 2020 maturities of the City's General <br />Obligation Improvement and Utility Revenue Bonds, Series 2004A, dated November 15, 2004 (the "Refunding <br />Bonds "). <br />We recommend the following for the Bonds: <br />1. Action Requested To establish the date and time of receiving bids and <br />establish the terms and conditions of the offering. <br />2. Sale Date and Time <br />3. Method of Sale <br />4. Authority for the Bonds <br />5. Repayment Term <br />*Preliminary; subject to change. <br />Monday, May 10, 2010 at 10:30 A.M., with consideration <br />for award by the City Council at 6:30 PM that same <br />evening. <br />The Bonds will be sold through a competitive bidding <br />process. In the interest of obtaining as many bids as <br />possible, we have included a provision in the attached <br />Terms of Proposal for underwriters to submit their bids <br />electronically through the electronic bidding platform of <br />PARITY ®. in addition, physical bids (by phone or fax) will <br />be accepted at the offices of Springsted. <br />A good faith deposit will be required of bidders and may be <br />submitted by (i) certified /cashier's check, (ii) a financial <br />surety bond or (iii) a wire transfer to Springsted as your <br />agent. <br />The Bonds are being issued pursuant to Minnesota <br />Statutes, Chapter 475. In addition the street improvement <br />portion of the Bonds is being issued pursuant to Minnesota <br />Statutes, Chapter 429 and the water utility fund <br />improvement portion of the Bonds is being issued pursuant <br />to Minnesota Statutes, Chapter 444. <br />The Bonds will mature annually February 1, 2011 <br />through 2020. interest will be payable semi - annually each <br />February 1 and August 1, commencing February 1, 2011. <br />-35- <br />
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