City Council Meeting Date: July 19, 2016
To: Mayor and City Council
City Administrator
From: Melanie Lammers, Finance Director
Title
Consider Resolution to sell 2016 Bonds
Body
Action Requested:
The Northfield City Council is being asked to pass a Resolution authorizing the sale of 2016 Bonds. In this issue, there will be three transactions:
1. New Bonds for this year's Woodley Street project
2. Utility Revenue Bonds for the UV upgrade at the Wastewater Treatment Plant
3. Equipment Certificates for the City's portion of the two fire vehicles
Summary Report:
Approve Sale of Bonds
It is requested the Council approve the resolution authorizing the sale of bonds. The sale includes new bonds for this year's street project, as well as money to upgrade the UV system at the Wastewater Treatment Plant, and equipment certificates for the City's portion of the NAFRS two fire vehicle purchases. Ehlers will be at the August 16th City Council meeting to present the sale and ask for approval of the winning bids.
Street Reconstruction Portion
$1,260,000 for the 2016 Woodley Street Reconstruction Project. The Bond repayment will come from several sources:
-$830,000 of debt service will be paid from a combination of special assessments and taxes levied for collection 2017 to 2026.
-$110,000 in Storm Water Revenue Bonds to finance storm water improvements related to the Woodley project. Debt service will be paid over a five year period from utility revenues.
-$320,000 in Wastewater Revenue Bonds to finance Wastewater improvements related to the Woodley project improvements. Debt service will be paid over a ten year period from utility revenues.
Wastewater UV equipment Portion
$800,000 for the UV equipment at the Wastewater Treatment Plant. The Bond repayment will come from Wastewater revenues.
Equipment Certificates for Fire Trucks
$660,000 for the City portion of the two fire trucks that were purchased in 2016, a 2016 Pumper Truck and a 2004 Platform Aeri...
Click here for full text