10-27-14 Council Packet - Laserfiche WebLink

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CITY COUNCIL AGENDA ITEM 2A STAFF ORIGINATOR Al Rolek, Director of Finance MEETING DATE October 27, 2014 TOPIC Consideration of Resolution 14-124 Awarding Sale of General Obligation Improvement Bonds, Series 2014A VOTE REQUIRED Simple Majority INTRODUCTION Earlier this year the City Council awarded a bid to construct the 21' Avenue Extension project. In addition, the City has been petitioned by the developer to construct street and utility improvements in the Northpointe development. The City will also be constructing Well #6 and well house improvements. These projects will all be undertaken in the Summer/Fall, 2014 and Spring 2015 and require debt financing. BACKGROUND On September 22 the City Council approved Resolution 14-107 providing for the issuance of approximately $2,645,000 G.O. Improvement Bonds, Series 2014A. The purpose of the bonds is to finance the improvements noted above. The bond issue would have a 10 -year term and will be repaid through special assessments levied against benefitted parcels and through proceeds from the Area and Unit Trunk Fund. The City has since issued its Official Statement and advertised for bids for this issue. Bids were received earlier today by the City's financial advisors, Springsted, Inc. Terri Heaton of Springsted, Inc. is here tonight to present the results of the bidding process. The exact amount of the bonds to be sold will be determined pending the outcome of the bids. RECOMMENDATION Following Ms Heaton's presentation, staff recommends that the City Council adopt Resolution No. 14-124 Awarding the Sale of General Obligation Improvement Bonds, Series 2014A. ATTACHMENTS Resolution 14-124.