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<br /> <br />ITEM 5.2. <br /> <br />TO: <br /> <br />FROM: <br /> <br />MAYOR AND CITY COUNCIL <br />LORI JOHNSON, FINANCE DIRECTOR ~ <br />APRIL 1, 1993 <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />GENERAL OBLIGATION REFUNDING BONDS <br />SERIES 1993A <br /> <br />.. <br /> <br />Attached is a copy of a resolution awarding the sale of the <br />City's General Obligation Refunding Bonds Series 1993A and <br />providing for their issuance. The Council approved a <br />resolution authorizing refunding of 1985A and 1985B Tax <br />Increment Financing Bonds in March. Also attached is a copy of <br />the Official Statement for this bond issue. The Official <br />Statement provides some valuable information regarding the <br />City's current financial status, current developments, and <br />other pertinent demographic statistics. This document is used <br />by Moody's when the City requests a rating on a bond issue. <br />Moody's has confirmed the City's rating for this issue at <br />Baal. In speaking with our representative at Moody's, he was <br />encouraged with the City's financial progress. Although no <br />upgrade in our rating was made at this time, he was very <br />encouraging that an upgrade would take place some time in the <br />future. <br /> <br />Bids on this issue are being accepted by Springsted, <br />Incorporated and will be opened and tabulated on Monday, April <br />5. David Drown of Springsted will be present at Monday night's <br />meeting to present the bid information and recommend the award <br />of the sale of the 1993A Refunding Bonds. <br /> <br />. <br /> <br />720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420 <br />