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<br />VI-6 <br /> <br />MEMO <br /> <br />To: Honorable Mayor and City council members <br />From: Charlene A Stark, Finance Director <br />Subject Resolutions and Recommendations for 2005 GO Improvement Bonds, Series <br />2005A <br /> <br />Date: Sept 26, 2005 <br /> <br />Attached (included in your packet) you will find the Recommendations for the issuance of <br />$4,895,000 GO Improvement Bonds and Refunding Bonds, Series 2005A, as prepared by the <br />City's financial advisors, Springsted, Inc. <br /> <br />These Improvement bonds are for the 2005 Street Improvement Projects and for refinancing the <br />1998A GO Swimming Pool bonds and the 1997B GO Water Revenue Bonds. By refinancing <br />these two issues the City will save approximately $91,611 and 49,575 respectively. Enclosed is <br />a worksheet showing the effect of these bonds on the three Key Financial debt ratios that are a <br />part of the debt management policy adopted last year. <br /> <br />The rating of these bonds will take place in October with bid opening and award to take place on <br />November 7th, 2005. <br /> <br />Attached for Council approval is a Resolutions providing for the Sale of these bonds, as <br />prepared by the City's bond counsel, Mary Dyrseth of Briggs and Morgan. <br /> <br />If you should have any questions, please feel free to contact me. <br /> <br />Recommended Council Action <br />Approve the attached Resolutions providing for the sale of $4,895,000 GO Improvement <br />Bonds, Series 2005A. <br />