HomeMy WebLinkAbout10A Gen Obligation Bonds 2013 O� P ���P
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Prior Lake, MN 55372
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CITY COUNCIL AGENDA REPORT
MEETING DATE: JULY 8, 2013
AGENDA #: 10A
PREPARED BY: JERILYN ERICKSON, FINANCE DIRECTOR
PRESENTED BY: JERILYN ERICKSON
AGENDA ITEM: CONSIDER APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTI-
ATED SALE OF $3,240,000 GENERAL OBLIGATION IMPROVEMENT BONDS
OF 2013
DISCUSSION: Introduction
The City's fiscal consultants, Steve Mattson and Tammy Omdal from Northland
Securities Inc., will be present during the Council meeting to request Council ap-
proval for the negotiated sale of general obligation improvement bonds in the
amount of $3,240,000 for the following projects:
Welcome Avenue Industrial Park $ 1,113,597
Count Road 12 Phase IV $ 406,057
Sunset Avenue $ 1,126,424
Rid emont / TH13 / Main Avenue $ 477,736
Total $ 3,123,814
The resolution includes a not-to-exceed amount of $4,000,000 to provide flexibility
in the amount to bond based on any last minute change orders, change in funding,
etc.
Histo
The following table includes significant dates related to the new projects included
in this bond issue:
Council Welcome County Sunset Ridgemont I TH13
Action Avenue Road 12 Avenue / Main Avenue
Feasibility 11/13/2012, 10/08/2012, 10/08/2012, N/A
Report Res 12-183 Res 12-168 Res 12-167
Acce ted
Public 12/10/2012 11/13/2012 11/13/2012 P/O of 6/7/2010,
Hearing for 8/1/2011 and
Improvement 8/27/2012 Street
Reconstruction
Plan
Improvement 12/10/2012, 11/13/2012, 11/13/2012, 05/28/2013,
Ordered Res 12-204 Res 12-181 Res 12-180 Res 13-067
Contract 05/28/2013, Part of Scott Has not Bids are due
Awarded Res 13-065 County Co- been 07/17/2013
operative awarded yet
A reement
Current Circumstances
In previous sales the Council has authorized negotiated bond sales directly from
Northland Securities. The current economic market climate is favorable for the is-
suance of low cost bonds due to very low interest rates although rates have fluctu-
ated significantly during the past month. Based upon current market conditions
Northland Securities anticipates the actual sale during the week of July 15-19,
2013 but will delay it if it appears that rates will be declining in the near future. Mr.
Mattson and Ms. Omdal will review the market conditions with the Mayor, City
Manager and Finance Director prior to marketing the bonds. Ultimately, the final
purchase price and interest rate will be subject to Council approval.
The structure of the bond issue itself will be based upon the following components
in rounded amounts for the new projects:
Welcome CR12, Sunset Av- TH 13/ TOTAL
Avenue enue Ridgemont/
Main
Avenue .
Estimated Project $ 2,275,000 1,655,000 $1,273,000 $2,216,000 $7,419,000
Costs
Less: Water Fund < 600,000> < 61,000> 0 < 70,000> < 731,000>
Contribution
Less: Sewer Fund 0 < 26,000> 0 0 < 26,000>
Contribution
Less: Water Quality < 207,000> < 201,000> 0 0 < 408,000>
Fund
Contribution
Less: Tnank Fund < 354,000> < 605,000> < 2,000> 0 <961,000>
Less: Grant Fund- 0 < 117,000> < 111,000> 0 <228,000>
in
Less: MSA 0 < 182,000> 0 < 994,000> <1,176,000>
Less: MNDOT 0 0 0 < 675,000> <675,000>
Less: Other Fund- 0 < 57,000> < 34,000> 0 < 91,000>
in
Net Bond Issue $ 1,114,000 $ 406,000 $ 1,126,000 $ 477,000 $3,123,000
Ca italized Interest 46,000
Bond Issuance Costs 72,000
Roundin for $5000 Increments <1,000>
Total Bond Issue $3,240,000
Attached is a bond analysis worksheet (Exhibit A-3 pages) from Northland Securi-
ties Inc. that provides additional detail with respect to the estimated cost and net
effective interest rates for this bond issue, financing costs, debt service principal/in-
terest payments, projected assessment stream and annual special tax levies nec-
essary to amortize this bond issue, and other miscellaneous information.
The City's bond counsel, Briggs & Morgan, has reviewed all of the necessary bond
documents. Northland Securities has prepared the attached resolution providing
for the issuance and sale of the general obligation improvement bonds.
On July 2, 2013, the City Manager, Finance Director and Mr. Mattson participated
in a bond rating call with Moody's Investor Services. The City currently has Aa2
bond rating. A rating for the 2013 bond issuance is anticipated around July 10,
,
2013.We have been advised that given recent market history that we should not
expect an improvement in our rating.
Conclusion
The City Council should consider adopting the attached resolution which provides
for the issuance and sale of bonds.
ISSUES: The projects that are included in this bond issue are in varying stages. The con-
struction contract for the Welcome Avenue project has been awarded and the spe-
cial assessments adopted. The cooperative agreement with Scott County was ap-
proved for the CR12 improvement project but the special assessments have not
been adopted. We have received bids for the Sunset Avenue project but have not
awarded a contract or adopted the assessments yet. Bids are due on July 17th for
the Ridgemont/TH13/Main Avenue project. There are no assessments for this last
project.
FINANCIAL The size of the bond issue was originally anticipated in the 2013-2017 CIP to be
IMPACT: approximately $4.6 million with tax levy supporting $2.2 million. Based on these
figures, the estimated annual tax levy was $266,000.
The bond issue has been significantly reduced primarily due to staff's successful
efforts to secure in excess of $900,000 from alternative funding sources. In addi-
tion, more of the expenses for the Ridgemont project are eligible for Municipal
State Aid (MSA) funding. This allowed the bond issue amount to be reduced to
$3,240,000 which will reduce the annual tax levy impact from $266,000 to approxi-
mately $160,000.
Multiple special assessments support the repayment of this bond issuance. The
street and storm water assessments have 10-year terms and the water and sewer
assessments have 20-year terms. A 20-year bond was considered but would have
resulted in considerably more interest. Moody's has noted on more than one occa-
sion that they prefer our shorter (ten year) repayment schedule whenever possible.
Prepayments of the 20-year assessments due to development or sale of properties
could result in a lower tax levies for this bond issuance.
ALTERNATIVES: The following alternatives are available to the City Council:
1. Adopt a Resolution Authorizing the Negotiated Sale of $3,240,000 General
Obligation Improvement Bonds of 2013.
2. Table this item for a specific reason.
RECOMMENDED Alternative 1.
MOTION:
CERTIFICATION OF MINUTES
RELATING TO GENERAL OBLIGATION BONDS, SERIES 2013A
ISSUER: City of Prior Lake, Minnesota
BODY: City Council
K1ND, DATE, TIME AND PLACE OF MEETING:
A regular meeting held on Monday, July 8, 2013, at 7:00 p.m., in the City Offices
MEMBERS PRESENT:
MEMBERS ABSENT:
Documents Attached: Extract of Minutes of said meeting.
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION BONDS, SERIES 2013A
I, the undersigned, being the duly qualified and acting recording officer of the public corporation
issuing the obligations referred to in the title of this certificate, certify that the documents attached
hereto, as described above, have been carefully compared with the original records of said
corporation in my legal custody, from which they have been transcribed; that said documents are
a correct and complete transcript of the minutes of a meeting of the governing body of said
corporation, and correct and complete copies of all resolutions and other actions taken and of all
documents approved by the governing body at said meeting, so far as they relate to said
obligations; and that said meeting was duly held by the governing body at the time and place and
was attended throughout by the members indicated above, pursuant to call and notice of such
meeting given as required by law.
WITNESS MY HAND officially as such recording officer on July _, 2013.
City Manager
EXTRACT OF MINUTES OF A MEETING
OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, STATE OF MINNESOTA
HELD: Monday, July 8, 2013
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Prior Lake, State of Minnesota, was duly held on Monday, July 8, 2013 at 7:00 p.m.
Member introduced the following resolution and moved its
adoption:
RESOLUTION APPROVING THE ISSUANCE OF
GENERAL OBLIGATION BONDS, SERIES 2013A
BE IT RESOLVED by the City Council of the City of Prior Lake, State of Minnesota
(herein, the "City"), as follows:
1. The City Council hereby finds and declares that it is necessary and expedient for the City
to sell and issue its fully registered general obligation bonds in the total aggregate principal
amount of not to exceed $4,000,000 (herein, the "Bonds"). The proceeds of the Bonds will
be used, together with any additional funds of the City which might be required to pay the
costs of construction of street improvements within the City, and to pay the costs associated
with issuing the Series 2013A Bonds.
2. The City Council desires to proceed with the sale of the Bonds by direct negotiation with
Northland Securities, Inc. ("NSI"). NSI will purchase the Bonds in an arm's-length
commercial transaction with the City.
3. The Mayor and the City Manager are hereby authorized to approve the sale of the Bonds
in an aggregate principal amount of not to exceed $4,000,000 and to execute a bond
purchase agreement for the purchase of the Bonds with NSI, provided the True Interest
Cost is less than %.
4. Upon approval of the sale of the Bonds by the Mayor and the City Manager, the City
Council will take action at its next regularly scheduled or special meeting thereafter to
adopt the necessary approving resolutions as prepared by the City's bond counsel.
5. NSI is authorized to prepare an Official Statement related to the sale of the Bonds.
6. If the Mayor and City Manager have not approved the sale of the bonds to NSI and executed
the related bond purchase agreement by December 31, 2013, this resolution shall expire.
The motion for the adoption of the foregoing resolution was duly seconded by Member
, and upon vote being taken thereon, the following voted in favor thereo£
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
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