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Item No: 5.D. <br />Meeting Date: November 23, 2020 <br />Type of Business: Council Consent <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 9346 Providing for the Sale of $6,140,000 <br />General Obligation Water Revenue Bonds, Series 2020A <br />The City is rehabilitating our three water treatment plants and the booster station and <br />will need to issue tax-exempt bonds to finance the construction and rehabilitation. The <br />attached resolution authorizes the solicitation of bids and use of Ehlers as our <br />independent municipal adviser to facilitate that process. <br />This resolution does not obligate the City Council to issue any bonds. The City Council <br />will decide on December 14, 2020 whether to accept or reject any and all submitted bids <br />for issue/sale of the Series 2020A, General Obligation Water Revenue Bonds. Only <br />then will the City be obligated to issue bonds upon acceptance of the best bid. <br />Strategic Plan Strategy/Goal: Maintain Critical Infrastructure <br />Budget Impact: Future debt service of approximately $6.847 million over 15 years to <br />be paid for with water rate charges. <br />Respectfully Submitted, <br />Mark Beer <br />