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<br />rll ----'\) <br />( )j <br />~l}{ <br /> <br /> <br />Item 4.5. <br /> <br />MEMORANDUM <br /> <br />FROM: <br /> <br />Mayor and City Council <br />r <br />Lori Johnson .1~ <br />Finance Directo~ J <br /> <br />DATE: <br /> <br />November 22,1999 <br /> <br />SUBJECT: <br /> <br />Resolution Providing for the Issuance and Sale <br />of the City's General Obligation Improvement <br />Refunding Bonds, Series 1999B <br /> <br />On October 18th bids were received on the sale of the city's General Obligation <br />Improvement Refunding Bond, Series 1999B. As you may recall, the lowest interest <br />rate bid was higher than anticipated which substantially decreased the city's savings <br />on the refunding. As a result, at that meeting, the council rejected the bids and <br />authorized the bond consultant and finance director to negotiate the issue to attain a <br />. minimum savings $63,000. <br /> <br />Springsted has been negotiating on the city's behalf in an attempt to reach a <br />negotiated sale that provides the city a savings in excess of $63,000. The deadline for <br />negotiating is Friday, November 19, and at this time, a tentative agreement that <br />exceeds the minimum savings threshold has been reached with Cronin and Company. <br /> <br />David McGillivray will be present at Monday's meeting to provide the details of this <br />issue, including the savings to the city if it accepts negotiated sale. Jim O'Meara is in <br />the process of preparing a resolution for council consideration on the sale of this <br />improvement refunding issue. The resolution will be distributed Monday. <br /> <br />Action Requested <br /> <br />The City Council is asked to consider a resolution providing for the issuance and sale <br />of the city's General Obligation and Improvement Refunding Bond, Series 1999B. <br /> <br />. <br /> <br />CounciJ/bond <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330. TDD & Phone: (612) 441-7420. Fax: (612) 441-7425 <br />