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Agenda Section: 9.1 OoMNnIDD� REQUEST FOR COUNCIL CONSIDERATION Report Number: 91 -3C STAFF REPORT Report Date: 4-22-91 fr Council Action: • ❑ Special Order of Business ❑ CITY COUNCIL MEETING DATE Apr i l 22, 1991 Public Hearings ❑ Consent Agenda LX Council Business Item Description: Resolution NO. 4069 Relating to the Issuance of Certain General Obligation Bonds for Fire Protection Purposes and Levying Taxes for the City' s Share Thereof Administrator's Review/Recommendation: - No comments to supplement this report - Comments attached. Explanation/Summary (attach supplement sheets as necessary.) SUMMARY; The City of Blaine conducted the public sale of the $4,450 G.O. Fire Improvement Bonds, Series 1991A, dated May 11, 1991 on April 18, 1991. The attached resolution is necessary to officially award the bonds and set the terms . The interest rate for the Bonds is not known at this time, but will be calculated subsequent to the April 18th sale. The City of Mounds View's share applicable for 1992 (the year in which the 1st payment of debt service on the Bonds occurs) is 22 .75%. Accordingly, the City's share of the principal amount of the bonds is initially $1, 012,375 . The City's share of the debt service will change from year to year according to the formula described in the Joint Powers Agreement (formula used percentage of fire calls, population) . Therefore, the resolution provides the mechanism for the City to reduce or increase the levies in response to any annual changes in the City's formula share (p. 5 of the resolution) . )4C1,-m61-cOLL/ at___#64,-t-r9 Samantha Orduno City Administrator • RECOMMENDATION; otion to approve Resolution No. 4069 Relating to the Issuance of Certain General Obligation Bonds for Fire Protection Purposes