Regular 4.
Regular City Council Meeting
- Meeting Date:
- 01/28/2019
- TITLE
- Resolution Awarding the Sale of the Series 2019 Solid Waste Revenue Bonds
- PRESENTED BY:
- Andy Zoeller
- Department:
- City Hall Administration
Presentation:
No
PROBLEM/ISSUE STATEMENT
The City has been working on a competitive bond sale for W.O.17-12 Landfill Drop-off Facility. Public Works opened construction bids on December 18, 2018 and delayed action until January 28, 2019 to allow Finance time to finalize the bond amount and structure. Because bond purchase agreements are valid for a limited time, the bond bids were opened and tabulated by Springsted on January 28, 2019.
The winning bidder and the true interest rate will be announced at the council meeting on January 28, 2019.
The winning bidder and the true interest rate will be announced at the council meeting on January 28, 2019.
ALTERNATIVES ANALYZED
City Council may:
- Approve, the resolution awarding the sale or;
- Disapprove the resolution. Rejecting the bid would require the construction bid to also be rejected causing a delay in the project.
FINANCIAL IMPACT
The term of the bonds will be 20 years with debt service being paid from the solid waste funds. Award of the sale is contingent on the award of the construction bid.
RECOMMENDATION
Staff recommends the City Council approve the resolution awarding the sale.