City Council Meeting Date: August 17, 2021
To: Mayor and City Council
City Administrator
From: Brenda Angelstad, Finance Director
Title
Consider Resolution Providing for the Issuance and Sale of $4,255,000 General Obligation Street Reconstruction, Improvement and Equipment Bonds, Series 2021A for Public Improvements.
Body
Action Requested:
The Northfield City Council consider approving the attached Resolution providing for the Issuance and Sale of $4,475,000 General Obligation Street Reconstruction, Improvement and Equipment Bonds, Series 2021A for Public Improvements.
Summary Report:
The Council authorized the sale of bonds at the meeting on August 2, 2021. The bonds are scheduled to open for bids on the morning of the Council meeting on August 17, 2021. Ehlers will tabulate the bids and finalize the resolution for distribution at the Council meeting.
The Preliminary Official Statement is included in the packet. Bluff View will be repaid primarily through special assessments and debt levy over ten years, the street improvements will be repaid through a combination of franchise fee collections and debt levy over ten years. The Plow Truck will repaid primarily from debt levy over seven years.
The bond rating agency call was conducted on Wednesday, August 4, 2021 and the AA/Stable bond rating was re-confirmed on August 10, 2021. 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 2021 Bonds will finance the Bluff View Phase I Improvements, the 2021 Mill and Overlay, and Plow Truck purchase.
Tentative Timelines:
N/A