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<br /> <br />REQUEST FOR COUNCIL ACTION <br />Date: 7/21/2025 <br />Item No.: 7.b. <br />Department Approval City Manager Approval <br /> <br /> <br />Item Description: Award the Sale of the City's 2025 General Obligation Equipment <br />Certificates <br />1 <br />2 Background <br />3 On June 16, 2025, the City Council established a date of sale for the City’s 2025 General <br />4 Obligation Equipment Certificates in the amount of $1.880 million to finance the purchase <br />5 of an electric fire engine. Bids on the sale of the bonds will be received on the morning of <br />6 July 21, 2025, with an award taking place later that evening at the City Council <br />7 meeting. Stacie Kvilvang from Ehlers will present the Sale Day Report with the bid results <br />8 and the recommendation for awarding the sale. This will be a bench handout on July 21. <br />9 <br />10 The closing (receipt) of the bond proceeds would take place on August 18, 2025. <br />11 <br />12 The City’s Bond Counsel, Taft, Stettinius & Hollister has drafted the attached <br />13 draft resolution (Attachment 1) awarding the sale of $1,880,000 in General Obligation <br />14 Equipment Certificates. A final resolution will be prepared after the bids have come in and <br />15 will be provided to the council as a bench handout on July 21. <br />16 <br />17 Policy Objectives <br />18 Issuing bonds to finance the purchase of an electric fire engine allows the City to spread <br />19 the cost of a major capital investment over time, aligning with long-term financial planning <br />20 principles. This approach ensures that the cost is shared by both current and future <br />21 beneficiaries, maintains liquidity in the City’s general fund, and takes advantage of <br />22 favorable market conditions to secure competitive interest rates. <br />23 <br />24 Equity Impact Summary <br />25 No equity impact. <br />26 <br />27 Budget Implications <br />28 Finances the purchase of an electric fire engine to serve the city <br />29 <br />30 Staff Recommendations <br />31 The Council is asked to consider the attached resolution awarding the sale of the City’s <br />32 2025 General Obligation Equipment Certificates. <br />33 <br />34 Requested Council Action <br />Page 1 of 2 <br />Qbhf!59!pg!429 <br /> <br />