1c Award 2004 Bond Issues CITYOF
7700 Market Boulevard
PO Box 147
Chanhassen MN 55317
Administration
Phone: 9522271!00
Fax 952 2271110
Building Inspections
Pi~one: 952 227 1180
Fax: 952 227 1190
Phone: 9522271160
Fax: 952.2271170
Finance
Phone: 952 2271140
Fax: 952 227 1Il0
Park & Recreation
Pilone: 952227 1120
Fax: 952.227 1110
Recreation Center
2310 Courter Boulevard
Phone: 952227 1400
Fax: 9522271404
Planning &
Natural Resources
Phone 952 227 1130
Fax: 952227 1110
Public Works
1591 Park Road
Phone: 952 2271300
Fax: 952227 1310
Senior Center
Phoue: 9522271125
Fax 9522271110
Web Site
www ci chanhass~:x~ mn us
MEMORANDUM
TO:
FROM:
DATE:
Mayor
City Council
Bruce M. DeJong, Finance Director ~
-.--~, _
July 7, 2004 ~
SUBJECT: Award of Bids- 2004 Bond Issues
Earlier this year the City Council authorized staff to work with Ehlers to issue
bonds for equipment needs, city hall remodeling, water system improvements, and
to refund some tax increment obligations. The bonds are being issued in three
series - the $2,115,000 GO Bonds, Series 2004A, the $7,885,000 GO Water
Revenue Bonds, Series 2004B, and the the $1,170,000 Taxable GO Tax
Increment Refunding Bonds, Series 2004C.
Ehlers & Associates will perform the bond sale on July 12. Mark Ruff from
Ehlers will present complete information regarding the bidders and interest rates
at the Council Meeting. The City Council will then be asked to accept the bids
after that presentation.
Standard and Poor's will be reviewing our credit rating this week. These bonds
will be issued with an updated rating, which staff and Ehlers believes will be
raised from our current A rating.
Recommendation
Staff recommends that the City Council award the bid for each bond issue to the
lowest responsible bidder as presented by Ehlers staff.
The Cily ol Chanhassen · A growing community with clean lakes, quaJity schools a charming dowr~towr; ti;ri~,ing t,~usincsses windir g tunis and tseautdu! ~.,ark, A 61 a, place and