11/25/1996 - City Council SpecialAGENDA
SPECIAL CITY COUNCIL MEETING
Monday
November 25, 1996
5:00 p.m.
City Council Conference
(Next to Council Chambers)
[. ROLL CALL & ADOPTION OF AGENDA
[. VISITORS TO BE HEARD
[. BID AWARD G.O. IMPROVEMENT BONDS, SERIES 1996A
BID AWARD G.O. EQUIPMENT CERTIFICATES OF
INDEBTEDNESS, SERIES 1996B
BID AWARD G.O. STATE AID ROAD REFUNDING BONDS,
SERIES, 1996C
. OTHER BUSINESS
VII. ADJOURNMENT
MEMO
— city of eagan
TO: HONORABLE MAYOR & CITY COUNCILMEMBERS
FROM: CITY ADMINISTRATOR HEDGES
DATE: NOVEMBER 22, 1996
SUBJECT: SPECIAL CITY COUNCIL MEETING/MONDAY, NOVEMBER 25, 1996
A Special City Council meeting is scheduled for Monday, November 25, at 5:00 p.m. to
consider three bid awards for the sale of: 1) General Obligation Improvement Bonds,
Series 1996A, 2) General Obligation Equipment Certificates of Indebtedness, Series
19968, and 3) General Obligation State Aid Road Refunding Bonds, Series 1996C. The
meeting is scheduled to last approximately fifteen minutes and will require a quorum of the
City Council.
Bids will be received at the offices of Springsted, Inc. on Monday morning. Following the
bid opening, an analysis of bids will be made by David MacGillivray, the City's fiscal
consultant at Springsted, along with the Director of Finance and the City Administrator.
The following is a brief summary of each of the bond issues that are proposed as an
issuance and a bid award.
G.O. IMPROVEMENT BONDS, SERIES 1996A
These bonds will provide funding for thirteen improvement projects which are now
completed and assessed or will be in the near future. Bonds are being issued net of
prepayments which have been received to date.
G O EQUIPMEMT CERTIFICATES OF INDEBTEDNESS, SERIES 1996B
These bonds provide financing for the 1996 equipment revolving fund. These proceeds,
combined with the dedicated ad valorem tax levy, provide the $500,000 annual funding for
the equipment section of the City's capital improvement program. A debt service levy is
incorporated in the taxes payable for 1997 to begin repayment of the obligation. The
bonds will be repaid over a five year period.
a
GO. STATE AID ROAD REFUNDING BONDS, SERIES 1996C
The $995,000 G.O refunding bond issue will refund the 1997-2001 maturities ($975,000)
of the City's General Obligation State Aid Road Bonds, Series 1986A, dated July 1, 1986.
The net interest savings is estimated to be approximately $45,095 with a net present value
savings of approximately $40,844. The net interest rate will be reduced from 7.25% to
approximately 4.55%.
The necessary documents will be prepared by Springsted and presented for Council
approval.
ACTION TO BE CONSIDERED:
It will be necessary to enact three separate motions approving a favorable bid for each sale
of G.O. Bonds.
OTHER BUSINESS
There are no other items for Other Business.
/S/ Thomas L. Hedges
..:.:..a -..tor