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STAFF REPORT <br />DATE: July 16, 2024 <br /> REGULAR <br /> <br /> <br /> <br />AGENDA ITEM: 2024A Bonding <br />SUBMITTED BY: Clarissa Hadler, Finance Director <br />REVIEWED BY: Nicole Miller, City Administrator <br /> <br />BACKGROUND: The City Council has included a couple of projects in the 2024-2033 CIP for this year with funding proposed to come from bonding. The Council has previously approved all of the projects we will be bonding for this year. Projects include 2024 Streets Improvements (Carriage Station and Jamaca Court) and 2024 Collector Streets (15th St. N and Hudson Blvd). At the May 7th meeting, Council approved the sale of the bonds. Staff participated in a bond rating call <br />with Moody’s on May 15th. The City’s bond rating has not changed and continues to stay at Aa1. ISSUE BEFORE COUNCIL: <br />Should the Council authorize the issuance and sale of $5.05 million general obligation bonds? PROPOSAL DETAILS/ANALYSIS: <br />The sale is scheduled to happen the morning of July 16th. Tammy Omdahl from Northland will be at the meeting to provide the results, which will be used to update the resolution in your packet. FISCAL IMPACT: The estimated levy schedule can be found on page 9 of the finance plan from the May 7th meeting. The city is required to levy 105% of the general fund portion of the improvement (street) projects. OPTIONS: 1) Approve Resolution No. 2024-084 2) Amend and then Approve Resolution No. 2024-084 3) Do not authorize the issuance of bonds <br /> RECOMMENDATION: Motion to approve Resolution No. 2024-084: A Resolution Awarding the Sale of $5,045,000 General Obligation Improvement and Utility Revenue Bonds, Series 2024A ATTACHMENTS: <br />• Resolution No 2024-084