09/28/1984 - City Council SpecialMEMO TO: HONORABLE MAYOR 8 CITY COUNCIL MEMBERS
FROM: CITY ADMINISTRATOR HEDGES
DATE: SEPTEMBER 28, 1984
SUBJECT: SPECIAL CITY COUNCIL MEETING
WEDNESDAY, OCTOBER 3, 1984
Background
A bond sale is scheduled for Wednesday, October 3, 1984, at
12:00 (noon) to consider a $7,280,000 General Obligation Improvement
Bond and $4,410,000 General Obligation Park Improvement Bond.
The Park Improvement Bonds are heavy ended in later maturity
years. Amounts increase from $65,000 in 1985 to $500,000 in
1999 and then $475,000 in the year 2000. The Improvement Bonds
are heavy ended in the early years. Amounts generally decrease
each year from 1987/1988 to 2002.
Examples of current and comparable sales include:
9-05 Dubuque, Ia.
G. 0. Bonds
$7,900,000
1987/04
Aa 9.868
9-11 Stillwater, Mn.
Imp. Bonds
4,850,000
1987/05
U.R.9.788
9-18 Anoka County
Library Bonds
2,335,000
1986/00
- 9.268
The City has been notified
that both
Moody's and Standard
and Poor's
have given these items
an "A" rating.
Action
Assuming a favorable
bid for both
bond sales,
two (2)
separate
notions are required
for accepting
the low bids
for the
General
Improvement Bond and Park Improvement
Bond.
l \
City Administrator
TLH/jj
MEMO TO: HONORABLE MAYOR 8 CITY COUNCIL MEMBERS
FROM: CITY ADMINISTRATOR HEDGES
DATE: SEPTEMBER 28, 1984
SUBJECT: SPECIAL CITY COUNCIL MEETING
WEDNESDAY, OCTOBER 3, 1984
Background
A bond sale is scheduled for Wednesday, October 3, 1984, at
12:00 (noon) to consider a $7,280,000 General Obligation Improvement
Bond and $4,410,000 General Obligation Park Improvement Bond.
The Park Improvement Bonds are heavy ended in later maturity
years. Amounts increase from $65,000 in 1985 to $500,000 in
1999 and then $475,000 in the year 2000. The Improvement Bonds
are heavy ended in the early years. Amounts generally decrease
each year from 1987/1988 to 2002.
Examples of current and comparable sales include:
9-05 Dubuque, Ia.
G. 0. Bonds
$7,900,000
1987/04
Aa 9.868
9-11 Stillwater, Mn.
Imp. Bonds
4,850,000
1987/05
U.R.9.788
9-18 Anoka County
Library Bonds
2,335,000
1986/00
- 9.268
The City has been notified
that both
Moody's and Standard
and Poor's
have given these items
an "A" rating.
Action
Assuming a favorable
bid for both
bond sales,
two (2)
separate
notions are required
for accepting
the low bids
for the
General
Improvement Bond and Park Improvement
Bond.
l \
City Administrator
TLH/jj