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VIII-C-i <br />MEMO <br />TO: Honorable Mayor and City Council members <br />FROM: Charlene A. Stark, Finance Director <br />RE: Resolution accepting the sale of $ 2,425,000 G.O. Improvement Bonds, <br />Series 2007B and $3b0,000 Equipment Certificates, Series 2007C. <br />DATE: October 30th, 2007 <br />BACKGROUND. <br />The City is issuing debt for the 2007 road construction project started early this summer <br />on 5~' street and for the equipment in the 2407 budget. As reported earlier this year the <br />contracts for the street construction projects were quite favorable to the City, thus the <br />amount of bonds issued for the project is less then expected. Bids will be received on <br />November St" 2007 until i2:00p.m. at the office of Springsted, Inc. A representative <br />from Springsted will be in attendance at the council meeting to present the winning bid. <br />Included with this memo is the City's official statement for this issue. The official <br />statement can also be viewed on-line at Springsted's website: www.Sprinasted.com/ <br />click on OS to find Hastings. <br />if you should have any questions, please feel free to contact me. <br />Recommended City Council Action <br />Approve the attached resolutions approving the award of the sale of $ 2,425,000 G.O. <br />Improvement Bonds, Series 2007B and $ 3b0,000 Equipment Certificates, Series 2007C. <br />