Agenda Packet Cc - regular meeting 9/11/1989

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TO: FROM: DATE: Mavnr and City Council Mark E. Bernhardson, September 8, 1989 96oi.2 . COUNCIL MEETING SEP 81989 City Administrato t CITY OF CROW SUBJECT: Sale of Bonds $2.3 million - Water and Sewer Revenue Bonds, Series 1989 Attachment: A. Bond Prospectus B. Proposed Resolution ISSUE - Determination as to whether the Council wants to award the sale of bids based on the bids received. INTRODUCTION - At the Council's August 11, 1989 meeting they authorized the sale of bonds in an amount of $2.3 million as set forth in the memo for the August 28, 1989 meeting. DISCUSSION - The actual bids will be received by neon on Monday, September 11, 1989 and the bid amounts will be tabulated by Elhers and Associates. The tabulation will be presented at 7:00 p.m. for consideration of the award of bids. We have been notified by the bond rating firm of Moody's Investor Service that our rating for this bona issue has been 'ncreased from Aa to Aal. The Cities of Edina, St. Louis Park and Fridley, and the Edina School District are the only other government units in the state to have this rating, and in fact, only the City of Minneapolis, Ramsey and Hennepin Counties, Rochester and Rochester School District have the rating of Aaa, which is the next and highest rating possible. ALTERNATIVES 1. Award of bid. 2. Table. 3. Take no action. RECOMMENDAT'ON - It is recommended upon receiving the bids that if the rates and amounts are appropriate that the sale be awarded to the bidder giving the City the best price. PROPOSED MOTION - Moved by _, seconded by _, that the Council award the bid in the amount of $ to for the issuance of $2.3 million in bonds. Ayes _, Nays _ cc: Thomas Kuehn, Finance Director Carolyn Drude, Ehlers Associates Inc.