Laserfiche WebLink
City of <br /> Elk Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 8.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business July 21, 2014 Tim Simon, Finance Director <br /> Item Description Reviewed by <br /> Resolution Awarding Sale of General Obligation Cal Portner, City Administrator <br /> Sewer Revenue Bonds, Series 2014B Reviewed by <br /> Action Requested <br /> Adopt,by motion,a resolution of the City of Elk River awarding the sale of$10,000,000 City of Elk <br /> River,Minnesota General Obligation Sewer Revenue Bonds, Series 2014B; fixing their form and <br /> specifications; directing their execution and delivery; and providing for their payment. <br /> Background/Discussion <br /> On June 16, 2014, the City Council passed a resolution providing for the competitive negotiated sale of <br /> $10,000,000 General Obligation Sewer Revenue Bonds, Series 2014B. <br /> Kathleen Aho of Springsted will be at this meeting to present the results of the sale of the General <br /> Obligation Sewer Revenue Bonds, Series 2014B for the wastewater expansion project. Bids will be <br /> received at 9:00 a.m. on July 21, 2014. <br /> In addition, staff held a rating call/tour with Standard and Poor's (S&P) on July 8, 2014; the results of the <br /> rating will be presented at the meeting. <br /> Financial Impact <br /> Sewer Enterprise fund will repay the bonds related to this project via utility rates. Besides the bonds, the <br /> funding sources are $3,000,000 sewer reserves, $2,800,000 state grant, and$1,000,000 trunk utility funds. <br /> The 10-year forecast has been updated to reflect the estimated bonds. <br /> Attachments <br /> ■ Resolution <br /> P a w E A E U s r <br /> Template Updated 4/14 INIM UREI <br />