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Department A proval: <br />� <br />REQUEST FOR COUNCIL ACTION <br />Manager Approved: <br />Date: 3/8/2004 <br />Item No: 5. <br />Agenda Section: <br />Item Description: Awarding the Bid for the City's $1.76 Million Refunding Bond <br />Background <br />On February 9, 2004 the City Council authorized the issuance of $1,760,000 in general <br />obligation refunding bonds, and set the sale date for Monday, March 8, 2004. Bids will be <br />submitted on the morning of March 8, 2004, with the results to be presented at the Council <br />meeting later that evening. <br />The bonds will refund the remaining debt related to the 1997 bonds that were used to finance the <br />reconstruction of various neighborhood streets. <br />Council Action Requested <br />1) Approve the attached Resolution accepting the bid, and award the General Obligation <br />Bonds in the amount of $1,760,000 million to the lowest bidder. <br />