2. Award of Bids, Bonds of 2011ACITY OF
CHMNSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone: 952.227.1100
Fax: 952.227.1110
Building Inspections
Phone: 952.227.1180
Fax: 952.227.1190
Engineering
Phone: 952.227.1160
Fax: 952.227.1170
Finance
Phone: 952.227.1140
Fax: 952.227.1110
Park & Recreation
Phone: 952.227.1120
Fax: 952.227.1110
Recreation Center
2310 Coulter Boulevard
Phone: 952.227.1400
Fax: 952.227,1404
Planning &
Natural Resources
Phone: 952.227.1130
Fax: 952.227.1110
Public Works
1591 Park Road
Phone: 952.227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Web Site
www.ci.chanhassen.mn.us
MEMORANDUM
TO: Mayor & City Council Members
FROM: Greg Sticha, Finance Director (�
DATE: September 12, 2011
SUBJ: Award of Bid, General Obligation Bonds, Series 2011A
PROPOSED MOTION
"Staff recommends that the City Council award the bid for the General
Obligation Bonds Series 20111A, to the low bidder (to be announced at the
meeting)."
Approval of this resolution requires a simple majority vote of the City Council.
BACKGROUND
At the August 22 work session, staff discussed the construction of a water
tower in the high zone and issuing bonds to pay for it. The possibility of
combining the water tower bonds with the advanced refunding of the 2005B
water revenue bonds (one of the bond issues for the water treatment plant) was
also discussed. At this time, staff is expecting a Net Present Value Savings in
excess of 4% for the issuance of these bonds, as required by the city's debt
policy.
During the past week, Standard & Poor's conducted a review process to
determine the city's bond rating. The results of that rating and the
recommended low bidder will be announced at the council meeting.
Representatives from our financial advisors, Ehlers & Associates, will be
available to discuss the sale of the bonds at the meeting.
Staff will bring all documentation, including the resolution to award the bid, to
the meeting that evening.
RECOMMENDATION
Staff recommends that the City Council award the bid for the General
Obligation Bonds, Series 2011A to the lowest bidder.
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