Agenda Packets - 2002/11/25 - Laserfiche WebLink

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Item No. 6C Type of Business: CA WK: Work Session; PH: Public Hearing; CA: Consent Agenda; CB: Council Business City of Mounds View Staff Report To: Honorable Mayor and City Council From: Charles Hansen, Finance Director Item Title/Subject: Resolution 5881 Approving a Contract with Springsted, Inc. for Continuing Disclosure Services During the Year 2003 Date of Report: November 19, 2002 The issue of continuing disclosure was discussed at the July 8, 2002 work session. Continuing disclosure is a requirement under SEC regulation 15©2-12 in which entities issuing of bonds since 1995 must annually file certain financial information with a national repository. Buyers of the bonds are then able to obtain information on their bonds from a convenient and reliable source. The City of Mounds View had initially filed these reports but then fell out of compliance. Resolution 5809 authorized engaging Springsted, Inc. to bring the City back into compliance by filing the continuing disclosure report for 2002. At the November 6th budget work session, staff proposed, and the City Council conceptually approved, the idea of having Springsted continue to provide the service in 2003 and beyond. The City Council qualified this by stating its desire to annually approve the contract. The contract in question is the contract for the services already provided during 2002 and is open ended for future years. In years when the City issues a new general obligation bond, the service will cost $200 for each existing bond issue. If there is a year when no new bond is issued, or the City issues some type of bond other than general obligation, an additional $1,300 fee will be charged to cover the preparation of an annual report. Attached is Resolution 5881, which authorizes the 2002 contract with Springsted, Inc. to continue for the year 2003. Respectfully Submitted, Charles Hansen