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River <br /> <br />Item ~ 4.1. <br /> <br />MEMORANDUM <br /> <br />TO: Mayor and City Council <br />FROM: Lori Johnson, Finance Director <br /> <br />DATE: <br /> <br />September 24, 2001 <br /> <br />SUBJECT: Award Sale of $3,590,000 General Obligation Water Revenue <br /> Bond Series 2001A <br /> <br />It is anticipated that the bond sale that was originally scheduled for last Monday will be held <br />this Monday. The current proposal is to receive bids at 1:00 p.m. on Monday; however, since <br />the market is still unstable, the issue will be pulled if market conditions do not look favorable. <br /> <br />Moody's Investors Service has reaffirmed the City's A3 rating with a positive outlook. The <br />main point of discussion with Moody's revolved around the school district's current debt load <br />and the potential for additional school debt in the very near future. So even though the city <br />has continued to see increases and diversification in its market value and fund balances are <br />healthy and improving, the overlapping debt from the school will continue to be a rating <br />concern for Moody's. <br /> <br />Assuming the bond sale goes as planned, Rusty Fifield from Ehlers will be at the meeting to <br />present the results. The resolution awarding the sale of the bond issue will be provided to the <br />Council at Monday's meeting. <br /> <br />Action Requested <br />The City Council is asked to award the sale of $3,590,000 General Obligation Water Revenue <br />Bond Series 200lA. <br /> <br />s:~council~2001 abondsale.doc <br /> <br /> <br />