09/25/2006 Council Packet - Laserfiche WebLink

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• • • REVISED RECOMMENDATIONS Re: Revised Recommendations for the Issuance of: $3,025,000* General Obligation Capital Improvement Plan Refunding Bonds, Series 2006E (the "Series 2006E Bonds ") $1,745,000* General Obligation Water Revenue Refunding Bonds, Series 2006F (the "Series 2006F Bonds ") (collectively referred to as the "Bonds" or the "Issues ") These recommendations have been revised from the original Recommendations dated September 5, 2006 due to changes made to the Series 2006E Bonds from a full current refunding to a partial current refunding. The "Discussion" section of these Revised Recommendations will give further explanation of this transaction. We respectfully request your consideration of our revised recommendations for the above -named Issues. The proceeds of the Bonds will be used as follows: • The Series 2006E Bonds — to refund a portion of the February 1, 2010 maturity and all of the February 1, 2011 through 2019 maturities of the Lino Lakes Economic Development Authority's Lease Revenue Bonds, Series 1998A, (City of Lino Lakes, Minnesota Lease Obligation), dated August 1, 1998 (the "Series 1998A Bonds "). • The Series 2006F Bonds — refund the February 1, 2008 through 2012 maturities of the City's General Obligation Water Revenue Bonds, Series 1996B, dated October 1, 1996 (the "Series 1996B Bonds "). 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 offerings. 2. Sale Date and Time 3. Method of Sale *Preliminary; Subject to change Monday, October 23, 2006 at 10:30 A.M., 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. - 5 7 -