HomeMy WebLinkAbout5J - Negotiated Sale of Bonds
H:\BONDS\A04bonds.doc
16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
STAFF AGENDA REPORT
MEETING DATE:
AGENDA #:
PREPARED BY:
AGENDA ITEM:
APRIL 19, 2004
5J
RALPH TESCHNER, FINANCE DIRECTOR
CONSIDER APPROVAL OF A RESOLUTION AUTHORIZING
NEGOTIATED SALE OF:
1) $400,000 TAX INCREMENT BONDS OF 2004
2) $2,850,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 2004
DISCUSSION:
Introduction
The purpose for this agenda item is to request Council approval to
negotiate the sale of tax increment bonds in the amount of $400,000
and general obligation bonds in the amount of $2,850,000 to finance
improvements associated with the Downtown (Project 04-01) and
Breezy Point/Red Oaks (Project 04-11) reconstruction projects.
History
The City Council approved Resolution 03-215 on December 15,
2003 and Resolution 04-21 on February 2, 2004 that accepted the
feasibility reports for the reconstruction improvements of various
streets within the Breezy Point/Red Oaks area and the Downtown
area north of CSAH 21 during 2004. These projects are to be
financed by a combination of general obligation and TIF bonds,
utility surcharge, grant, trunk, enterprise and water quality fund
appropriations. A summary of those improvements and their costs in
round numbers are listed below:
Proiect Description Proiect Financinsz
1. Downtown reconstruction Bid amount ... $1,238,000.00
(Project 04-01) City admin/eng 12~% $156,000.00
Contract eng ... 13~% $168,000.00
Street lights ... $201,000.00
Underground power $87.000.00
$1,850,000.00
2. Breezy Point/Red Oaks Engineer estimate... $2,560,000.00
street reconstruction City admin/engineer $458.000.00
(Project 04-11) $3,018,000.00
Project Totals... $4,868,000.00
Subsequently, the public hearings for these improvement projects
were conducted on January 20 and March 1, 2004 respectively and
Resolutions 04-11 & 04-39 ordering the improvements were
approved.
www.cityofpriorlake.com
Phone 952.447.4230 / Fax 952.447.4245
H:\BONDS\A04bonds.doc
Current Circumstances
In previous sales the Council has authorized a negotiated bond sale
directly from Northland Securities. Staff would propose a similar
process for this sale. The advantage of the negotiated sale method
versus public sale is the flexibility it affords the City because our
fiscal consultant, Steve Mattson would attempt to time the sale of
bonds with the market in an effort to obtain the lowest interest rate
possible. It is anticipated that a sale during the last week in April
would provide the lowest interest rates based on the existing
financial market. Also, the City saves itself the fiscal fees.
The structure of the bond issue itself would be based upon the
following components in rounded amounts:
Downtown project costs*
*(inc. 17% eng, 5% admin & 4% financing costs)
Project Total...
Less... MSA funds
Less... TIF bond proceeds
Less... Excel utility surcharge
Less... Rain garden grant
Net G.O. Bond Portion
Breezy PointlRed Oaks*
*(inc. 17% eng, 5% admin & 4% financing costs -
overhead fees are not charged to the Misc. Fund Sources)
Plus ... bond rounding
Project Total...
Less... Trunk Reserve Fund Contribution
Less... Water Quality Fund Contribution
Less... Enterprise Fund Contribution
Net G.O. Bond Portion
Consolidated Bond Issue Total...
$1,850,000.00
$1,850,000.00
<$678,000.00>
<$360,000.00>
<$87,000.00>
<$75,000.00>
$650,000.00
$3,013,000.00
$5,000.00
$3,018,000.00
<$3,000.00>
<$80,000.00>
<$735,000.00>
$2,200,000.00
$2,850,000.00
The structure for the Tax Increment Bonds is outlined below:
Application of funds:
- estimated legal opinion
- estimated discount factor
- estimated capitalized interest
- spendable proceeds
Tax Increment Bond Issue Total...
$4,000.00
$7,000.00
$29,000.00
$360,000.00
$400,000.00
Approximately 42% of the bonds will be recovered through special
assessments against the benefited property owners in the Downtown
and Breezy PointlRed Oaks project areas. The remainder of the
general obligation bonds will be levied against the overall property
taxes within the City. Twenty five percent (25%) of the tax
increment generated by Lakefront Plaza (TIF District 1-3) will pay
H: \BONDS\A04bonds.doc
ALTERNATIVES:
RECOMMENDED
MOTION:
REVIEWED BY:
the debt on the TIF bonds. The bond term is twenty years (20 yrs.) to
match the increment stream of the oistrict.
If bid today, a net effective interest rate of3.6116% with an average
bond coupon rate of 3.3274% would probably be a close estimate.
The formal bond sale approval will be considered by the City
Council at the May 3,2004 meeting.
The general obligation bond issue will be dated 6/1/04, with
maturities each year of December 1, 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
10 year property tax levy
Total.. .
$1,203,000.00
$1.647,000.00
$2,850,000.00
Attached are two worksheets 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 the tax increment and the
general obligation bond issues. The second page lists the estimated
coupon and net effective interest rates for these bond issues plus it
identifies the financing costs and other miscellaneous information.
Financial Impact
The estimated special tax levy calculation associated with this bond
issue is $197,000.00 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 2005 property taxes in
December of this year.
The following alternatives are available to the City Council:
1. Approve a Resolution Authorizing Negotiated Sale of $400,000
Tax Increment Bonds of 2004 and a Resolution Authorizing
$2,850,000 General Obligation Improvement Bonds of 2004.
2. Delay financing to a future time as determined by the City
Council.
Motion and second to approve a Resolution Authorizing Negotiated
Sale of $400,000 Tax Increment Bonds of 2004 and a Resolution
Authorizing $2,850,000 eneral Obligation Improvement Bonds of
2004.
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H:\BONDS\A04bonds.doc
Attachments:
1. Resolution Authorizing Negotiated Sale of $400,000 Tax
Increment Bonds of 2004
2. Resolution Authorizing Negotiated Sale of $2,850,000 General
Obligation Improvement Bonds of 2004
3. Northland Securities Bond Analysis'
i
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF TIlE CITY
OF PRIOR LAKE, MINNESOTA
HELD: APRIL 19, 2004
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 the Fire Station
in said City on April 19, 2004, at _ 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
$400,000 GENERAL OBLIGATION TAX INCREMENT BONDS OF 2004
WHEREAS, the City has an upcoming issuance of approximately $400,000 General Obligation
Tax Increment Bonds of 2004, dated June 1,2004, (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 regular meeting date of Monday, May 3, 2004.
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 19, 2004.
Mayor
Attest:
City Manager
-------------------------------------------------------------------------------------------------------------------
CERTIFICATION
STATE OF MINNESOTA
COUNTY OF Scott
)SS
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 19, 2004.
City Manager
(SEAL)
,. ~._..,._...~_M_'''"'~__.__^.".._,. ,...~~.,""'-,,~".._,~""_.,<_...........,,,",.._...._............._'.........~,,_,,~..~~,_.....~,__....." ,._...._."'..~ .,....,"'.~;..._.~.,~'..._,'_.;,_._"'~,_,....,...._.;"'_'_,____~~".._~'_........-......;_.."..~..___.".'.._.....______..........--....M--.- ~
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY
OF PRIOR LAKE, MINNESOTA
HELD: APRIL 19, 2004
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 the Fire Station
in said City on April 19, 2004, at _ 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
$2,850,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 2004
WHEREAS, the City has an upcoming issuance of approximately $2,850,000 General Obligation
Improvement Bonds of 2004, dated June 1,2004, (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 regular meeting date of Monday, May 3,2004.
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 19, 2004.
Mayor
Attest:
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 19, 2004.
City Manager
(SEAL)
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