HomeMy WebLinkAbout10C - Sale of $1,300.000 General Obligation Bonds of 2008
MEETING DATE:
AGENDA #:
PREPARED BY:
AGENDA ITEM:
DISCUSSION:
. I
APRIL 21,2008
10 C
Ralph Teschner, Finance Director
CONSIDER APPROVAL OF A RESOLUTION AUTHORIZING THE
NEGOTIATED SALE OF $1,300,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 2008
Introduction
The City's bond and fiscal consultant Steve Mattson from Northland Securities
will be present during the Council meeting to request Council approval for the
negotiated sale of general obligation bonds in the amount of $1 ,300,000 to
finance improvements associated with Ida Circle municipal utility and
Brooksville Hills phase I street reconstruction project improvements (Project
06-11 & Project 08-11)
Historv
The City Council approved Resolution 07-58 on April 2, 2007 and Resolution
07-193 on November 19, 2007 that accepted the feasibility reports for the
above referenced improvements that would be financed by a combination of
general obligation bonds, trunk reserve and enterprise and water quality fund
appropriations. Subsequently, the public hearings for these improvement
projects were conducted on May 7, and December 17,2007 respectively and
Resolution 07-89 and Resolution 07-215 ordering these improvements were
approved. On January 22, 2008 Resolution 08-07 was approved by the City
Council awarding the Ida Circle contract bid and on April 7,2008 Resolution
08-46 was approved awarding the contract bid for phase I of the Brooksville
Hills reconstruction project.
Current Circumstances
In previous sales the Council has authorized negotiated bond sales directly
from Northland Securities. Based upon current market conditions Northland
Securities is scheduling the actual sale for Monday morning April 28, 2008.
By selling bonds before the construction season, when demand is at its
highest, the City avoids higher interest rates due to an increase in the supply
of bonds.
Another factor is the economic market climate. Interest rates have been
trending lower due to several Federal Reserve rate cuts that have occurred
during the first quarter of this year and as a result we anticipate the market to
be very favorable for the issuance of low cost bonds. Ultimately the final
purchase price will be subject to Council approval.
The structure of the bond issue itself will be based upon the following
components in rounded amounts:
T otai"constru'ction"''''''''ro~e~L6~~~~ :::...._-:::.-.'...................$1..;-875.:666"...1
. ...... ..er.~j~~tI~!!!!..:~~J.$.~.!.~?.~!.9.9.9....J
www.cityofpriorlake.com
Phone 952.447.9800 / Fax 952.447.4245
Fund ContributionsHH.::~.~.~.9..!QQ.9.:..9.Q.~.
... Trunk Reserve Fund Contribution <$195,000.00>
N~t~_Q!!~.!!~.~.~_!Q~~t:~~..L_. ....11!.~__,
Attached is a worksheet from Northland Securities that provides additional
detail with respect to debt service principal/interest payments, projected
assessment stream and annual special tax levies necessary to amortize this
bond issue. The second page lists the estimated coupon and net effective
interest rates for this bond issue plus it identifies the financing costs and other
miscellaneous information.
FINANCIAL
IMPACT:
The city's bond counsel, Briggs & Morgan has reviewed all of the necessary
bond documents and has prepared the attached resolution providing for the
issuance and sale of the general obligation improvement bonds.
Approximately 41 % of the bonds will be recovered through special
assessments. The remainder of the bonds will be levied against the overall
property taxes within the City. If bid today, a net effective interest rate of 3.40%
with an average bond coupon rate of 3.17% would probably be a close
estimate. The bond issue will be dated 6/15/08, with maturities each year of
December 15 and will be structured 10 years in length. The following is a
schedule of tax levies/assessment terms and their corresponding amounts
necessary to amortize the bond debt.
10 year assessment stream
1 0 year property tax levy
Total...
$534,139.00
$765,861.00
$1,300,000.00
ALTERNATIVES:
The estimated special tax levy calculation associated with this bond issue is
$90,000.00 and will be added to the City's proposed general fund operating
budget levy, revolving equipment fund levy and other special debt levies for
payable 2009 property taxes in December of this year.
The following alternatives are available to the City Council:
1. Adopt A Resolution Authorizing the Negotiated Sale of $1,300,000
General Obligation Street Reconstruction Bonds of 2008.
2. Table this item for a specific reason.
Alternative 1.
ATTACH
1. A Resolution Authorizing the Negotiated Sale of $1 ,300,000 General Obligation
Street Reconstruction Bonds of 2008.
2. Northland Securities Bond Analysis
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY
OF PRIOR LAKE, MINNESOTA
HELD: APRIL 21, 2008
Pursuant to due call and notice thereof, a regular meeting of the City Council (the "Council") of
the City of Prior Lake (the "City"), Scott County, Minnesota, was duly called and held at Prior Lake City
Hall in said City on April 21, 2008, at 6:00 P.M.
The following members were present:
and the following were absent:
Member
introduced the following resolution and moved its adoption:
RESOLUTION NO.
RESOLUTION AUTHORIZING THE NEGOTIATED SALE OF
$1,300,000 GENERAL OBLIGATION STREET IMPROVEMENT BONDS OF 2008, SERIES B
WHEREAS, the City has an upcoming issuance of approximately $1,300,000 General Obligation
Street Improvement Bonds of2008, dated May 15,2008, (the Bonds) and
WHEREAS, Northland Securities, Inc. (NSI) has indicated a willingness to purchase the Bonds
upon receipt from the City, County, and School District of various required information, and
WHEREAS, the City desires to effectuate the transaction with NSI whenever market conditions
are appropriate and NSI has received the required information.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake,
Minnesota as follows:
1. That Mayor Jack Haugen and Manager Frank Boyles are hereby jointly authorized to
approve the sale of certain Bonds to NSI in the amount illustrated to this Council on this
date at such time as NSI advises that it is appropriate to market said Bonds.
2. The City Council will meet to adopt the necessary approval resolution drafted by bond
counsel at a special meeting date of Monday, April 28, 2008.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake,
Minnesota as follows:
The motion for the adoption of the foregoing resolution was duly seconded by Member
, and upon voted being taken thereon, the following voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted on April 21, 2008.
Mayor
Attest:
City Manager
CERTIFICATION
STATE OF MINNESOTA
)SS
COUNTY OF Scott
I, the undersigned, being the duly qualified and acting Manager of the City of Prior Lake, Scott
County, Minnesota, DO HEREBY CERTIFY, that I have carefully compared the preceding extract of
minutes of a meeting of the City Council of said City held on the date therein indicated with the original
minutes thereof on file in my office and that the same is a full, true and correct transcript thereof insofar
as said minutes relate to the topic described in the title of the resolution set forth in the extract.
WITNESS my hand officially and the official seal of the City on April 21, 2008.
City Manager
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