11/09/2009 Council Packet (2) - Laserfiche WebLink

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• • • AGENDA ITEMS 2A STAFF ORIGINATOR Al Rolek MEETING DATE November 9, 2009 TOPIC Consideration of Resolution No. 09 -97 Awarding the Sale of $4,315,000 General Obligation Improvement Note of 2009 VOTE REQUIRED Simple Majority The City Council has approved a joint powers agreement (JPA) with Anoka County for the reconstruction of the 135E /CR 14 interchange. Under the terms of the JPA, the County has agreed to finance the City's portion of the project costs through the issuance of bonds, with the City paying the County back according to a specified schedule. The City will issue a General Obligation Improvement Note to the County to secure this agreement. The County will be pricing its bonds for this project on Monday, November 9, and issuing the bonds on Tuesday, November 10. The City's portion of the bonds is $4,315,000. The City's G.O. Improvement Note needs to be issued concurrently with the County's bonds. Therefore, staff is recommending the issuance of $4,315,000 G.O. Improvement Notes to Anoka County to finance its portion of the project costs. The note would have a 15 -year term, with final maturity in August, 2024, and would be repaid with special assessments on benefited properties and backed by MSA funding and, ultimately, the full faith and credit of the City of Lino Lakes. Final details on the pricing of the bonds and any adjustments in amounts will be reported at the meeting. Terri Heaton of Springsted, Inc. and our bond counsel, Steve Bubul will be here tonight to answer any questions you may have on this process. It is staffs recommendation that the City Council adopt Resolution No. 09 -97 Awarding the Sale of $4,315,000 General Obligation Improvement Note of 2009. 1. Adopt Resolution No. 09 -97. 2. Refer to Staff for further review. ECO Option 1