2015-044 Council Resolution - Laserfiche WebLink

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• • • STAFF ORIGINATOR: MEETING DATE: TOPIC: VOTE REQUIRED: INTRODUCTION CITY COUNCIL AGENDA ITEM 2A Al Rolek, Director of Finance April 27, 2015 Consider Resolution No. 15-44 Awarding Sale of General Obligation Bonds, Series 2015A, in the Proposed Aggregate Principal Amount of $3,645,000 Simple Majority The City of Lino Lakes has awarded bids and will be undertaking street reconstruction projects and other street and improvements projects in 2015. The construction cost of these projects will be financed through the issuance of bonded debt. BACKGROUND In November, 2014 the voters of the City of Lino Lakes approved a referendum to issue up to $3,150,000 in Street Reconstruction bonds to reconstruct streets in the Shenandoah area. Additionally, the construction of a new fire station facility has made it necessary to add turn lanes in the Birch Street and Centerville Road area requiring the issuance of an additional $495,000 in bonded debt. On March 23 the City Council approved Resolution 15-31 providing for the issuance of approximately $3,645,000 G.O. Bonds, Series 2015A to finance the improvements noted above. The bond issue will have a 15 -year term and will be repaid through tax levies and through tax abatements on parcels identified in Resolution 15-30. 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. Approval of Resolution 15-44 awards sale of General Obligation Bonds, Series 2015A, in the proposed aggregate principal amount of $3,645,000. RECOMMENDATION Staff is recommending approval of Resolution No. 15-44. ATTACHMENTS Resolution 15-44