| | | | | | | | CITY COUNCIL STAFF REPORT
Monday, March 9, 2020 | 
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| | | | | | | | Subject | Resolution No. 2020-XX: Award of bid for Sale of $6,795,000 General Obligation Utility Revenue Bonds, Series 2020A for various City 2020 and 2021 Utility System Improvements
| | Section | NEW BUSINESS | Item No: H.1. | Prepared By
| Greg Sticha, Finance Director | File No: |
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| | | | | | | | PROPOSED MOTION
"The City Council adopts a resolution awarding the bid for the General Obligation Bonds Series 2020A, to the low bidder, _______________." (to be announced at the meeting)
Approval requires a Simple Majority Vote of members present. |
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| | | | | | | | | BACKGROUND |
As part of the rate study discussion staff and Ehler's discussed the use of Bonding for some significant utility improvements related to the TH101 project and the Minnewashta Parkway Road project. The bonding was incorporated into the study for the past couple of years and no change in the rates was required in order to bond for these projects. The issuance will be for $6,595,000 of the debt needed for the improvements.
Last week, Standard & Poor’s conducted a review process to determine the city’s bond rating. The results of that rating reaffirmed the “AAA” rating received in past bond issuances. Representatives from Ehlers & Associates will be available to discuss the sale of the bonds at the meeting. Staff will bring all documentation, including the resolution to award the bid, to the meeting that evening. |
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| | | | | | | | | RECOMMENDATION |
Staff recommends that the City Council adopt a resolution awarding the bid for the General Obligation Bonds Series 2020A, to the low bidder, (to be announced at the meeting). |
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