Laserfiche WebLink
Item No. 7E <br />Type of Business: CB <br />WK: Work Session; PH: Public Hearing; <br />CA: Consent Agenda; CB: Council Business City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Charles Hansen, Finance Director <br />Item Title/Subject: Resolution 5809 Approving a Contract with <br />Springsted, Inc. for Continuing Disclosure <br />Date of Report: July 18, 2002 <br /> <br /> <br />The issue of continuing disclosure was discussed at the July 8, 2002 work <br />session. Continuing disclosure is a requirement under SEC regulation 15©2-12 in <br />which entities issuing of bonds since 1995 must annually report certain financial <br />information with a national repository. Buyers of the bonds are then able to obtain <br />information on their bonds from a convenient and reliable source. <br /> <br />The City of Mounds View filed these reports from 1996 through 1999. No reports <br />were filed in 2000 or 2001. Bringing continuing disclosure up to date is necessary <br />both to be incompliance with the law and as a prerequisite to any future bond sale. <br />The City has the opportunity to sell bonds to refinance the 1993 Water Revenue <br />Bonds at much lower interest rates. This is expected to save the City about <br />$100,000 over the life of these bonds. <br /> <br />Springsted, Inc. has submitted a proposal to file the continuing disclosure report <br />for 2002 for a fee of $2,000. There is no need to go back and file reports for the <br />years 2000 and 2001. These costs may be charged to the debt service funds for <br />the bonds involved and transfers from the TIF funds support these debt service <br />funds. <br /> <br />Attached is Resolution 5809, which authorizes a contract with Springsted, Inc. at <br />an estimated cost of $2,000 to complete continuing disclosure reports for the year <br />2002. <br /> <br />Respectfully Submitted, <br /> <br /> <br /> <br />Charles Hansen