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AGENDA ITEM <br />Prepared By: RJO Reviewed By: A. Carlson Approved By: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1. Purpose. The purpose of this action item is to award the sale of $16,000,000 of GO Capital <br />Improvement Bonds Series 2021A. <br /> <br />2. Background. At the November 8th meeting of the City Council, the Council approved the City’s <br />Supplemental Capital Improvement Plan and approved the sale of $16,000,000 in bonds. The proceeds <br />from the bond sale will be used to fund the construction of a new public works building and the <br />acquisition or construction of a fire station. Proposals for the bond sale have been received by Ehlers <br />and Associates, Inc., and are being presented by a representative from Ehlers. The Council is being <br />asked to award the sale of the bonds. <br /> <br />3. Cost. In addition to the principal amount of $16,000,000, issuance and interest costs estimated at <br />$6,920,000 will be incurred. <br /> <br />4. Funding. Funding for the payment of the bonds will be mainly through the tax levy with some costs <br />paid by funds on hand. <br /> <br />5. Staff Recommendation. Staff recommends approving the Supplemental Capital Improvement Plan <br />and confirming the City’s intent to issue bonds to fund the plan. <br /> <br />COUNCIL ACTION REQUESTED <br />Motion to Adopt Resolution No.7243, approving the Supplemental Capital Improvement Plan and <br />confirming the City’s intent to issue bonds to fund the plan. <br /> <br />Exhibits <br />A. Preliminary Resolution <br />Item No.: 1 Date: December 13, 2021 <br />Item Description: Award Sale of Series 2021A Bonds <br />Presenter: Ron Olson <br />Finance Director <br />Agenda <br />Section: <br />