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Because the City expects to issue more than $5,000,000 in tax-exempt <br />obligations in 2008, the Bonds will be subject to arbitrage rebate. The escrow on <br />the crossover refunding bonds will be yield restricted and should not be a <br />concern for the City. <br />Because the City expects to issue less than $10,000,000 in tax-exempt <br />obligations in 2008, the Bonds will be bank qualified. This means the Bonds will <br />achieve a slightly lower interest rate. <br />Schedule: <br />Pre-Sale Report and Approval of <br />Bonds by Utility Commission: <br />Pre-Sale Report Review by City <br />Council: <br />Distribute Official Statement <br />Conference call with Moody's <br />Bond Safe and City Council <br />Resolution approving Bonds <br />December 11, 2007 <br />December 17, 2007 <br />January 11, 2008 <br />Week of January 14, 2008 <br />January 22, 2008 <br />Estimated Closing Date: Week of February 11, 2008 <br />Attachment: Resolution authorizing sale <br />Preliminary debt service schedules and sources and uses <br />Ehlers Contacts: <br />Financial Advisors: Mark Ruff (651) 697-8505 <br />Sid Inman (651) 697-8507 <br />Bond Analysts: Diana Lockard (651) 697-8534 <br />Debbie Holmes (651) 697-8536 <br />Bond Sale Coordinator: Connie Kuck (651) 697-8527 <br />The Official Statement for this financing will be mailed to the Council Members at their home address for review <br />prior to the sale date. <br />FREERS <br />8 ASSOCIATES INC <br />