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MUU_N_D1SVVh1E_W <br />City of Mounds View Staff Report <br />Item No: 5.E. <br />Meeting Date: November 23, 2020 <br />Type of Business: Council Consent <br />Administrator Review: <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 9347 Authorizing the City to Enter into a Credit <br />Enhancement Program Agreement with the Minnesota Public <br />Facilities Authority <br />The City is rehabilitating our three water treatment plants and the booster station and will <br />need to issue tax-exempt bonds to finance the construction and rehabilitation. The attached <br />resolution authorizes the Mayor and City Administrator to submit on behalf of the City an <br />application for the Credit Enhancement Program with the Minnesota Public Facilities <br />Authority. This will elevate our credit rating to AAA from AA and provide significant interest <br />savings over the life of the bond issue. <br />Strategic Plan Strategy/Goal: Maintain Critical Infrastructure <br />Budget Impact: $500 current expenditure with significant future interest savings <br />Respectfully Submitted, <br />Mark Beer <br />2340182v1 <br />