10/23/2006 Council Packet - Laserfiche WebLink

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• AGENDA ITEMS 2A & 2B STAFF ORIGINATOR Al Rolek MEETING DATE October 23, 2006 TOPIC Consideration of Resolution 06 -175 Awarding the Sale of $3,025,000 General Obligation Capital Improvement Plan Bonds, Series 2006E and Resolution 06 -118 Awarding the Sale of $1,745,000 General Obligation Water Revenue Refunding Bonds, Series 2006F VOTE REQUIRED Simple Majority On September 25, 2006, the City Council approved resolutions 06 -147 and 06 -148 calling for the issuance of $3,025,000 G.O. Capital Improvement Plan Bonds to finance acquisition of the City Hall and Police Department portions of the Civic Center Complex from the Lino Lakes EDA, and $1,745,000 G.O. Water Revenue Refunding Bonds to refinance the outstanding balance of our SG.O. Water Revenue Bonds 1996B. The City Council held a public hearing on September 11 on its Municipal Building and Facilities CIP for 2006 -2010 and adopted the plan by approving Resolution 06 -146 as required by Minnesota Statutes Section 475.521. Bids for these issues were received earlier today by the City's financial advisors, Springsted, Inc. Terri Heaton of Springsted is here tonight to present the results of the bidding process. Following Ms Heaton's presentation, it is staff's recommendation that the City Council adopt, in separate actions, Resolution 06 -175 Awarding the Sale of $3,025,000 General Obligation Capital Improvement Plan Bonds, Series 2006E and Resolution 06 -118 Awarding the Sale of $1,745,000 General Obligation Water Revenue Refunding Bonds, Series 2006F. • 1. Adopt Resolutions 06 -175 and 06 -176. 2. Refer to Staff for further review. 3. Deny Resolutions 06 -175 and 06 -176. Option 1