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<br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: March 8. 2010 <br /> <br />Appropriation <br /> <br />Requested By: Michael G. Dolbv. Director of Finance <br /> <br />Source of Funds: <br /> <br />N/A <br /> <br />Department: <br /> <br />FINANCE <br /> <br />Account Number: N/A <br /> <br />Report: <br /> <br />Resolution: XX Ordinance: <br /> <br />Amount Budgeted: <br /> <br />Exhibits: <br /> <br />Resolution <br /> <br />Amount Requested: <br /> <br />N/A <br /> <br />Exhibits: <br /> <br />Financing Schedule <br /> <br />Budgeted Item: <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />At this time, we would like to issue Certificates of Obligation Bonds for the following projects: <br /> <br />Drainage Improvements <br /> <br />Maximum of $6,400,000 <br /> <br />While preliminary work was begun on these projects some time ago, it was not desirable for us to issue debt until <br />this time. City Council has previously approved resolutions that allow the City to reimburse itself from these bond <br />proceeds for expenditures that were made prior to the issuance of the debt. This is a position that we have taken on <br />several other projects in the past as recommended by bond counsel and required by federal law. <br /> <br />In order to issue bonds, a city is required to publish a Notice ofIntent (NOI) to Sale. We would like to publish the <br />initial Notice ofIntent for Certificates of Obligation up to a maximum of $6,400,000 on Wednesday March 10,2010 <br />and the second notice on Wednesday, March 17,2010. <br /> <br />The City is also anticipating refunding $4,375, 000 million in callable debt at the same time we issue the new debt. <br /> <br />RBC Dain Rauscher, the City's Financial Advisors, is preparing and will make available to us a Preliminary Official <br />Statement which will be reviewed and updated by staff that must also be approved by Council. <br /> <br /> <br />approve and authorize the first and second publication of Notice of <br /> <br />~6!~ <br />