1j. Set date of Bond Sale for City Bonds CITY O -- --
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\ Ili CHANHASSEN
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,,, _ ,,.. . 690 COULTER DRIVE • P.O. BOX 147 • CHANHASSEN, MINNESOTA 55317
I (612) 937-1900
MEMORANDUM
ITO: Mayor and City Council
IFROM: Don Ashworth, City Manager
DATE: August 22 , 1988
1 SUBJ: Set Date for Bond Sale, Various City Bonds
I Staff has been working to identify all bonding needs as a part of
our 1988 bonding program. As we discussed with the scheduling
associated with Lake Ann Expansion, the Fire Station, and the
aerial truck, bonds needed to be sold this year. In addition, we
I will be looking to equipment certificates to pay back the
Equipment Replacement Fund for acquisitions which have occurred
during the course of 1988 . [Equipment certificate notes can only
I be sold after the expenditure has been made by the City. The
total is anticipated to be less than budgeted for 1988. ]
I In addition to the above, we will be looking to public improve-
ment bonding for authorized projects , i .e. Kerber Blvd. , Audubon
Road, Church Road, and West 78th Street Detachment.
I We have been working so as to present this item on September 12,
1988. Mr. Merry informs me that that date can be met as far as
presenting all detail; however, such would not meet the statutory
I publication requirements . Accordingly, I must ask the City
Council to, at this time, set October 3rd as the official bid
opening date for the bonds of 1988 . The detail associated with
I the sale will, again, be presented on September 12, 1988. Should
there be disagreement or changes desired by the Council on
September 12th, such changes could be made without affecting
either the October 3rd date.or the authorization being sought
1 this evening.
Approval of setting a special meeting date of October 3rd for the
I award of bids 1988 bonds is recommended. As this would be an off
Monday night, the Council may wish to either leave it at a 7 :30
p.m. time frame (potential discussion of 1989 budget incorporated
I into such meeting) , or to set the meeting at an earlier time with
such being the only item on the agenda, i .e. 5 : 00 p.m. or 5 :30
p.m. i.
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