Laserfiche WebLink
b • <br /> REQUEST FOR COUNCIL CONSIDERATION <br /> Agenda Section: Item 7 <br /> OMI�E <br /> STAFF REPORT Report Number: 91-5A <br /> E AGENDA SESSION DATE April 15, 1991 Report Date: 4-11-91 <br /> • <br /> DISPOSITION <br /> Item Description: Resolution No. 4069 Relating to the Issuance of Certain General Obligation <br /> Bonds for Fire Protection Purposes and Levying Taxes for the City's Share Thereof <br /> Administrator's Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> SUMMARY; <br /> The City of Blaine has set the public sale of the 1990 issue of the <br /> Fire Improvement Bonds for April 18, 1991. Approval of the attached <br /> resolution is necessary for the bond sale to proceed. Each of the <br /> three cities will approve similar resolutions . <br /> The current "formula" shares of the three cities is 67 . 65% for Blaine, <br /> 21. 15% for Mounds View and 11.20% for Spring Lake Park. Mounds View's <br /> initial share of the debt service is $941. 175 . <br /> The resolution allocates (in separate paragraphs) each city's <br /> respective share of the debt and further makes the appropriate <br /> fundings and determiniations. <br /> Following the sale of the Bonds on the 18th, Jim O'Meara, the <br /> representative Bond Counsel, will be able to insert the actual <br /> interest rates in the resolution. Based on the actual rates, the <br /> financial advisor to the City of Blaine (the issuer of the Bonds) will <br /> •e a. e o ca cu a e e total amount of ax evies nee•e• o provi•e <br /> • - statutorily required-debt_service coverage-- - - <br /> >2 . <br /> Samantha rduno <br /> City Administrato <br /> RECOMMENDATION; <br />