2010-031 Council Resolution - Laserfiche WebLink

Home Search

• • RECOMMENDATIONS Re: Recommendations for the Issuance of $1,015,000* General Obligation Improvement and Utility Revenue Refunding Bonds, Series 2010A (the "Bonds" or the "Issue ") We respectfully request your consideration of our recommendations for the above -named Issue. Proceeds of the Bonds will be used to refund the February 1, 2011 through February 1, 2020 maturities of the City's General Obligation Improvement and Utility Revenue Bonds, Series 2004A, dated November 15, 2004 (the "Refunding 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 offering. 2. Sale Date and Time 3. Method of Sale 4. Authority for the Bonds 5. Repayment Term *Preliminary; subject to change. Monday, May 10, 2010 at 10:30 A.M., with consideration for award by the City Council at 6:30 PM that same evening. 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 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. A good faith deposit will be required of bidders and may be submitted by (i) certified /cashier's check, (ii) a financial surety bond or (iii) a wire transfer to Springsted as your agent. The Bonds are being issued pursuant to Minnesota Statutes, Chapter 475. In addition the street improvement portion of the Bonds is being issued pursuant to Minnesota Statutes, Chapter 429 and the water utility fund improvement portion of the Bonds is being issued pursuant to Minnesota Statutes, Chapter 444. The Bonds will mature annually February 1, 2011 through 2020. Interest will be payable semi - annually each February 1 and August 1, commencing February 1, 2011.