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10-03-05
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1/12/2009 8:24:55 AM
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10/27/2005 3:18:23 PM
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City Council
City Council - Type
CC Packets
Date
10/27/2005
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<br />MEMO <br /> <br />VI-7 <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 />20058 <br /> <br />Date: Sept 26, 2005 <br /> <br />Attached (included in your packet) you will find the Recommendations for the issuance of <br />$3,740,000 GO Municipal Building Refunding, Series 2005B, as prepared by the City's financial <br />advisors, Springsted, Inc. <br /> <br />These GO bonds will allow the City to purchase the Municipal building from the Housing and <br />Redevelopment Authority (HRA). The City is currently leasing the building from the HRA. <br />The bonds could be refinanced by the HRA for an approximate savings of $86,000, however <br />because the City is buying the Municipal building and issuing its own bonds the savings are <br />increased to $186.000. This is largely due to the type of bonds that can be issued by the City <br />versus the HRA. Enclosed is a worksheet showing the effect of these bonds on the three Key <br />Financial debt ratios that are a 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 Resolution providing for the Sale of these bonds, as prepared <br />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 Resolution providing for the sale of $3,740,000 GO Municipal Building <br />Refunding, Series 2005B. <br />
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