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~ty of <br /> <br />ver <br /> <br />Item~.3. & 4.4. <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />Mayor & City Council <br />Lori Johnson, Asst. City Administrator/~ <br />Finance Director <br /> <br />DATE: <br /> <br />July 28, 1997 <br /> <br />SUBJECT: <br /> <br />Resolution Providing for the Issuance <br />and Sale of the City's $1,165,000 General <br />Obligation Improvement Bonds, Series <br />1997A and the $335,000 General <br />Obligation Water Revenue Bonds, <br />Series 1997B <br /> <br />Attached are resolutions awarding the sale of the city's $1,165,000 General <br />Obligation Improvement Bonds and the $335,000 General Obligation Water <br />Revenue Bonds which the Council authorized on June 30. Bids are being <br />accepted until 10 a.m. on Monday, July 28. On Monday night Dave <br />MacGillivray of Springsted will be at the Council meeting to present the bid <br />results. At this point we are anticipating very favorable interest rates on <br />both of these issues. <br /> <br />Also attached is a copy of the Official Statement which was used in <br />conjunction of the issuance of these two bonds. This document provides the <br />rating agency, underwriters, and potential purchasers with a variety of <br />financial, tax, growth, and employment information. <br /> <br />Action Requested <br /> <br />After presentation of the bids, the Council is asked to approve the two <br />attached resolutions providing for the issuance and sale of the city's <br />$1,165,000 General Obligation Improvement Bonds, Series 1997A and the <br />city's $335,000 General Obligation Water Revenue Bonds, Series 1997B. <br /> <br />\\elkriverXsysXshrdoc\council\gobonds.doc <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />