05/22/2006 Council Packet - Laserfiche WebLink

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• • RECOMMENDATIONS Re: Recommendations for the Issuance of : $2,710,000* General Obligation Tax Abatement Bonds, Series 2006A (the "Abatement Bonds ") $570,000 General Obligation Utility Revenue Bonds, Series 2006B (the "Utility Bonds ") (the "Bonds" or the "Issues ") We respectfully request your consideration of our recommendations for the above -named Issues. The proceeds of the Abatement Bonds will be used to finance a joint project between the City and the YMCA of Greater St. Paul ( "YMCA "), as per a Development Agreement dated May 1, 2006 for the acquisition and construction of a YMCA facility within the City. The proceeds of the Utility Bonds will be used to finance water and sewer infrastructure related to two projects within the City. We recommend the following for the Bonds: 1. Action Requested 2. Sale Date and Time 3. Method of Sale 4. Amount of the *Preliminary; Subject to change To establish the date and time of receiving bids and establish the terms and conditions of the offerings. Monday, June 26, 2006 at 12:00 Noon, with consideration for award by the City Council at 6:30 P.M. that same day. 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 official 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. Abatement Bonds - $2,710,000* Utility Bonds - $570,000 Included in the Terms of Proposal for the Abatement Bonds is a provision that permits the City to increase or reduce the principal amount of the Abatement Bonds in any of the maturities. This allows for any necessary adjustments that may be required based on final interest rates or issuance costs. - 5 6 -