Consent 1.I.
Regular City Council Meeting
- Meeting Date:
- 07/26/2010
- TITLE
- Authorizing the Issuance and Calling for a Negotiated Sale for Sidewalk Bonds 2010A
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
Because of the current market conditions, a negotiated bond sale is advised for Pooled Sidewalk Bonds 2010A. The City's financial advisor, Springsted, recently completed a bond sale in Missoula, MT, for $800,000 for sidewalk bonds. Springsted talked with potential bidders before the sale and was told that, because of the size of the issue and the lack of an A bond rating, the companies would not bid. DA Davidson was the sole bidder on the bond sale.
The bond issue for sidewalks is $725,000, and will not be rated. Because of these factors, a public sale would not be feasible.
Upon approval on the resolution, the negotiations can proceed for the sale of the bonds.
The bond issue for sidewalks is $725,000, and will not be rated. Because of these factors, a public sale would not be feasible.
Upon approval on the resolution, the negotiations can proceed for the sale of the bonds.
ALTERNATIVES ANALYZED
The Council may:
- Approve the resolution; or
- Not approve resolution
FINANCIAL IMPACT
Sidewalk projects
WO 05-17-Highland
WO 08-30-Poly
WO 08-02-2008 Msc Developer
WO 08-21-Lake Elmo
WO 04-12-Alkali Creek
WO 05-17-Highland
WO 08-30-Poly
WO 08-02-2008 Msc Developer
WO 08-21-Lake Elmo
WO 04-12-Alkali Creek
RECOMMENDATION
Staff recommends City Council approve the attached resolution.