City Council Meeting Date: October 3, 2023
To: Mayor and City Council
City Administrator
From: Brenda Angelstad, Finance Director
Title
Consider Resolution Awarding the Sales of $7,880,000 General Obligation Street Reconstruction, Abatement and Equipment Bonds, Series 2023B.
Body
Action Requested:
The Northfield City Council consider approving the attached Resolution awarding the Sale of $7,880,000 General Obligation Street Reconstruction, Abatement and Equipment Bonds, Series 2023B.
Summary Report:
The Council authorized the sale of bonds at the meeting on August 22, 2023. The bonds are scheduled to open for bids on the morning of the Council meeting on October 3, 2023. Ehlers will tabulate the bids and finalize the resolution for distribution at the Council meeting.
The sale of bonds is to finance various capital projects to include the 2023 Reclamation and Mill and Overlay, Abatement Bonds for Babcock Park Improvements, Equipment Certificates for the Motor Grader.
The Preliminary Official Statement is included in the packet. Street Improvements will be repaid through a combination of franchise fee collections and debt levy over fifteen years. Babcock Park Improvements will be repaid primarily from debt levy over fifteen years. The Motor Grader will be repaid primarily from debt levy over ten years.
The bond rating agency review was conducted and the AA/Stable bond rating was re-confirmed on September 14, 2023. The S&P ratings confirmation is attached.
Nick Anhut from Ehlers Associates will be at the meeting to review the results of the sale.
Alternative Options:
N/A
Financial Impacts:
The 2023B Bonds will be paid through franchise fee collection and debt levy.
Tentative Timelines:
N/A