HomeMy WebLinkAbout#18 cc 4 19 16_2016A Bonding
MAYOR & COUNCIL COMMUNICATION
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DATE: 04/19/2016
REGULAR $$
ITEM # 18
AGENDA ITEM: 2016 Capital Improvement Financing Plan; Presentation of Financing Plan
of G.O. Bonds, Series 2016A; Approval of the issuance of G.O. Bonds,
Series 2016A
SUBMITTED BY: Cathy Bendel, Finance Director
THROUGH: Tammy Omdal, Senior Vice President, Northland Securities
REVIEWED BY: Kristina Handt, City Administrator
Finance Committee
SUGGESTED ORDER OF BUSINESS:
- Questions from Council to Staff ............................................. Mayor Facilitates
- Report/Presentations…………………….……City Staff, Northland Securities
- Questions from Council to Staff……………………………..Mayor Facilitates
- Public Input, if Appropriate………………………………….Mayor Facilitates
- Call for Motion ............................................................... Mayor & City Council
- Discussion ....................................................................... Mayor & City Council
- Action on Motion .................................................................... Mayor Facilitates
POLICY RECOMMENDER: Finance Committee
FISCAL IMPACT:
City responsibility for the debt service on the issuance of $9,860,000 of new debt as presented in
the Financing Plan.
SUMMARY AND ACTION REQUESTED:
Throughout 2015 and early 2016, various projects have been brought to City Council and have
been approved to move forward. The updated 2016 CIP listing was reviewed in detail by the
Finance Committee on April 12, 2016 resulting in the 2016A bonding recommendation. This
Financing Plan represents the financing needs based on those approved projects and
recommendations.
City Council Meeting [Consent Agenda Item 18]
April 19, 2016
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STAFF REPORT: Tammy Omdal, Senior Vice President with Northland Securities will
present the report and respond to inquiries.
RECOMMENDATION:
It is recommended that the City Council approve Resolution 2016-28 authorizing the issuance
and sale of $9,860,000 in General Obligation Bonds, Series 2016A.
“Move to approve Resolution 2016-28 authorizing the issuance and sale of General Obligation Bonds, Series 2016A in the amount of $9,860,000”
ATTACHMENT(S):
1. Northland Securities Finance Plan Summary for G.O. Bonds, Series 2016A
2. Certificate of Minutes and Resolution 2016-28 Authorizing the Issuance and Sale of G.O.
Bonds, Series 2016A
3. Municipal Advisors Services Agreement with Northland Services, Inc. for services related to the 2016A bond issuance