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MOUNnS VVIEvv <br />Item No: 8.13. <br />Meeting Date: April 23, 2018 <br />Type of Business: Council Business <br />Administrator Review: <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 8951 Approving General Obligation Equipment <br />Certificates of Indebtedness, Series 2018A to be Issued by the <br />City of Blaine, Minnesota <br />Introduction: The City as a member of the joint fire department with the Cities of Spring Lake <br />Park and Blaine (SBM Fire Department) from time to time has a need to purchase capital <br />equipment. The three cities have decided that it is in their best interest to finance significant <br />capital purchases with equipment certificates. The City of Blaine has agreed to be the primary <br />issuer of the equipment certificates. The preliminary cost of equipment and issuing costs is <br />$1,145,000 this amount may be adjusted. This is consistent with past bond and certificate <br />issuances. <br />Discussion: The City of Blaine has generously agreed to act as the conduit for the sale of <br />General Obligation Equipment Certificates of Indebtedness for the three cities. The bond sale <br />will occur on June 7, 2018 with final settlement on June 28, 2018. Each city will pay their pro - <br />rata share based on the formula in the Joint Powers Agreement. Currently our share is <br />16.373% or $187,471. To formalize the City's proportionate share of the equipment certificates <br />of indebtedness the City Council would need to adopt the attached resolution and direct the <br />Mayor and City Administrator to sign the attached documents acknowledging our obligation to <br />Blaine for our proportionate share. <br />Recommendation: Staff recommends approval of Resolution 8951. <br />Respectfully submitted, <br />k " —., -t —, � � — <br />ark Beer INJ <br />Finance Director <br />519964v2 JSB BL140-35 <br />