2021-02-24 WS & CC Packet - Laserfiche WebLink

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CITY OF CENTERVILLE REQUEST FOR COUNCIL ACTION Agenda Item # Department: Requested Council Meeting Date: February 24, 2021 Finance VIII.1 TITLE OF ISSUE: 2021A General Obligation Refunding Bond Sale BACKGROUND AND SUPPLEMENTAL INFORMATION: City Council authorized the sale of refunding bonds to refinance the 2022-2029 maturities of our 2013A Bonds on February 10. That sale is happening on the morning of February 24. Northland expects multiple bidders on the issue. The sale will consist of competitive sealed bids. Northland staff will evaluate the bids and present them to the City Council at the meeting on the evening of the 24th along with a recommendation for the award. The attached resolution sets out the details of the award with the winning bidder and specific terms to be filled in after bids are opened. COST AND SOURCE(S) OF FUNDING: Bond issuance costs previously approved. Interest savings are to be determined through the bid results. REQUESTED COUNCIL ACTION: Adopt the resolution awarding the sale on February 24 and authorize the Mayor, City Administrator, City Clerk, and Finance Director to sign all necessary documents to effect the sale. SUPPORTED DOCUMENTS ATTACHED Motion By: ____________________________________ Resolution Ordinance Contract Minutes Plan Map Second By: ____________________________________ X Vote Record: Aye Nay _____ _____ Sale details to be provided on Wednesday. Other (specify) ____________ _____ _____ _____ _____ _______________________________________________________________ _____ _____Ki _____ ____________________________________________________________________ Administration Department Use: Refer to: _________________________________ Consent Tabled Until: ______________________________ Regular Other: ___________________________________