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Department Approval: <br />Name Ron Olson <br />Title Finance Director <br />REQUEST FOR COUNCIL ACTION <br />Administrator Reviewed: <br />Y"-4 <br />DATE: September 24, 2016 <br />ITEM NO: 3 <br />Agenda Section: <br />City Administrator's Report <br />Item Description: Sale of General Obligation Refunding Bonds Series 2016A <br />Attachments: <br />Resolution Awarding Sale of General Obligation Bonds, Series 2016A <br />On September 12, 2016 the Council adopted a resolution calling for the sale of $2,800,000 of <br />General Obligation Refunding Bonds, Series 2016A. The issuance of the refunding bonds is <br />estimated to save the City $200,000 in interest expenditures over the next six years. <br />Ehlers Inc., the City's bond consultant, has received and reviewed proposals for the purchase of <br />the bonds. Nick Anhut from Ehlers will provide a recommendation regarding the award of the <br />bond sale at the Council meeting. A draft resolution awarding the sale of General Obligation <br />Improvement Refunding Bonds is attached for Council consideration. The final resolution, <br />reflecting the actual bids and the bond consultant's recommendation, will be provided at the <br />Council meeting. <br />COUNCIL ACTION REQUESTED: <br />Motion to adopt a resolution providing for the award of the sale of General Obligation Refunding <br />Bonds, Series 2016A. <br />