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• <br />• <br />• <br />STAFF ORIGINATOR: <br />MEETING DATE: <br />TOPIC: <br />VOTE REQUIRED: <br />INTRODUCTION <br />CITY COUNCIL <br />AGENDA ITEM 2B <br />Al Rolek <br />March 23, 2015 <br />Consider Resolution No. 15-31 Providing for the issuance and <br />Sale of General Obligation Bonds, Series 2015A, in the Proposed <br />Aggregate Principal Amount of $3,645,000 <br />Simple Majority <br />The City of Lino Lakes will be undertaking street reconstruction projects and other street and <br />improvements projects in 2015. The construction cost of these projects will need to be <br />financed through the issuance of debt. The City has retained Springsted, Inc. to advise on the <br />type and amount of debt to be issued for these projects. <br />BACKGROUND <br />In November, 2014 the voters of the City of Lino Lakes approved a referendum to issue up to <br />$3,150,000 in Street Reconstruction bonds to reconstruct streets in the Shenandoah area. <br />Additionally, the construction of a new fire station facility has made it necessary to add turn <br />lanes and extend sewer trunk utility in the Birch Street and Centerville Road area. Earlier this <br />evening the City Council held a public hearing and took action to approve tax abatements to <br />finance the fire station infrastructure improvements. <br />The City's fiscal advisor, Springsted, Inc., has made its recommendations for the issuance <br />General Obligation bonds to finance these improvements. Terri Heaton of Springsted, Inc. will <br />be present to explain the process for issuing the bonds and to answer any questions that the City <br />Council may have relative to the recommended financing. Approval of Resolution 15-31 <br />provides for the issuance and sale of General Obligation Bonds, Series 2015A, in the proposed <br />aggregate principal amount of $3,645,000. <br />RECOMMENDATION <br />Staff is recommending approval of Resolution No. 15-31. <br />ATTACHMENTS <br />Resolution 15-31 <br />