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<br /> <br /> <br />Northland Securities, Inc. Page 4 <br />monies in the debt service fund. The initial tax levy will be made in 2025 for taxes <br />payable in 2026. <br />Plan Rationale <br />The Finance Plan recommended in this report is based on a variety of factors and information <br />provided by the City related to the financed project and City objectives, Northland’s knowledge <br />of the City and our experience in working with similar cities and projects. The issuance of <br />General Obligation Improvement Bonds provides the best means of achieving the City’s <br />objectives and cost-effective financing. The City has successfully issued and managed this type <br />of debt for previous projects. <br />Issuing Process <br />Northland will receive bids to purchase the Bonds on Tuesday, July 15, at 10:00 AM. Market <br />conditions and the marketability of the Bonds support issuance through a competitive sale. This <br />process has been chosen as it is intended to produce the lowest combination of interest expense <br />and underwriting expense on the date and time set to receive bids. The calendar of events for <br />the issuing process can be found in Attachment 4. <br />Municipal Advisor: Northland Securities, Inc., Minneapolis, Minnesota <br />Bond Counsel: Kutak Rock LLP, Minneapolis, Minnesota <br />Paying Agent: U.S. Bank Trust Company, National Association, St. Paul, Minnesota