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<br />BOND BID SALE RESULTS <br /> <br />DATE: NOVEMBER 14, 2007 <br />TO: MAYOR, CITY COUNCIL & STAFF <br />FROM: JOHN W. MEYER, FINANCE DIRECTOR <br />SUBJECT: $2,600,000 GO IMPROVEMENT BONDS, SERIES 2007A. SALE <br /> <br />The proceeds from this bond are to support the construction of improvements for <br />Old Mill Road, Fairview Street and CSAH 14 projects. The city received 2 bids <br />for this bond sale. The best bid for the city is the bid received that has the <br />lowest Net Effective Interest Rate. United Bankers' Bank of Bloomington, <br />Minnesota submitted a bid with a Net Effective Interest Rate of 4.12415%. <br />To complete the sale, the city will need to pass the attached resolution <br />prepared by bond counsel awarding the bid to United Bankers' Bank. <br /> <br />Below Is a bid tabulation for the sale. <br /> <br />CITY OF CENTERVILLE <br />BID TABULATION <br />$2,600,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2007A <br />NOVEMBER 14, 2007 <br /> <br /> Good <br /> Total Interest Net Effective Faith <br />Bidder Bid Cost Interest Rate Deposit <br />United Bankers' Bank $ 2,571.400.00 $ 1,038,163.81 4.124150% Sure Bid <br />Bernardi Securities Inc. $ 2,581,119.95 $ 1,068,480.26 4.244500% Sure Bid <br />