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2004-02-11 CC Meeting
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2004-02-11 CC Meeting
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<br />NORTHLAND 'SECURITI ES <br /> <br />45 South 7" Street <br />Suite 2500 <br />Minneapolis, MN 55402 <br /> <br />(800) 851-2920 <br />(612) 851-5906 <br />Fox (612) 851-5917 <br /> <br />E X T ERN A L <br /> <br />MEMORANDUM <br /> <br />DATE: February 5, 2004 <br /> <br />TO: The Honorable Terry Sweeney and Members of the City Council <br />Ms. Kim Moore-Sykes, Administrator <br />Ms. Ellen Paulseth, Finance Director <br />City of Centerville <br /> <br />FROM: George Eilertson, Vice President, Partner Cf- <br />Northland Securities <br /> <br />RE: Council Agenda Items: <br />1) Hunters Crossing Phase 2 Bond <br />2) Call Notice for G.O. Water Revenue Bonds, Series 1996 <br /> <br />Following is a description of the two public finance related agenda items for the February 11 th <br />Council meeting: <br /> <br />Hunters Crossin!! Phase 2 Bond Issue - (see attached) <br />Two agenda items relate to the Hunters Crossing Phase 2 Bonds (see attached). <br />I) Financial Advisory Agreement - First, we recommend the City retain Northland <br />Securities as the Financial Advisor for the project. The attached Financial Advisory <br />Agreement outlines Northland's pre bond sale and post bond sale duties as well as our <br />compensation. <br />2) Set Sale Resolution - The Set Sale Resolution sets a bond sale date of March 10th at <br />11:00 AM. <br /> <br />Call Notice for G.O. Water Revenue Bonds, Series 1996 - (see attached) <br />1) Call Notice - In order to payoff the 1996 Bonds, the City must adopt a Call Notice, The <br />Notice states your intent to payoff the remaining principal and any accrued interest. Adoption of <br />the Call Notice is necessary so the Paying Agent can notifY the holders (investors) of the Bonds <br />that the City intends to pre-pay. The notice to the bondholders can take up to 45 days. The <br />Notice states that the City will payoff the remaining principal ($190,000) and any accrued <br />interest due on April 1,2004. The City will save approximately $24,060 in future interest costs <br />plus four years of Paying Agent fees (approx. $1,400) by paying off the 1996 Bonds early. <br /> <br />Do not hesitate to call me at (612) 851-5906 with any questions. Thank you. <br />
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