Focus Area: Economy
Staff Contact: Jamie Robichaud, Clara Bernauer
Subject: Consideration of Resolution No. 25-1039 authorizing the public sale of Stormwater System Improvement Bonds, Series 2025.
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title:
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Consideration of Resolution No. 25-1039 authorizing the public sale of Stormwater System Improvement Bonds, Series 2025.
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Summary:
The City’s bond counsel, Gilmore & Bell, has prepared Resolution No. 25-1039 authorizing the sale of Stormwater System Revenue Bonds, Series 2025, in the approximate principal amount of $3,160,000. The proposed Revenue Bond issuance will provide funding for the following projects:
• Cedar Lake Dam Restoration
• CMP Replacement & Stormwater Asset Management Project
• Briarwood Stormwater Improvement
Revenue Bonds are secured by future user fee revenues, rather than the City’s ability to levy taxes. Series 2025 has a 20-year term.
The City is tentatively scheduled to accept bids on June 11th, 2025. The Mayor is authorized the award the sale of the Series 2025 Bonds to the submitter of the best proposal or reject all proposals per Resolution No. 25-1039, provided that the principal amount does not exceed $3,500,000 and the true interest cost of the Series 2025 Bonds does not exceed 5.75%.
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Financial Impact:
The amount of Stormwater Revenue Bonds, Series 2025, is approximately $3,160,000.
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Action Needed:
Approval of Resolution No. 25-1039 to authorize the sale of Stormwater System Improvement Revenue Bonds, Series 2025.
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Attachment(s):
A: Draft Sale Resolution
B: Draft Summary Term Sheet