3 Approve Resolution for Sale of Bonds
CITY OF
CHANIlASSEN
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
B
MEMORANDUM
TO:
Mayor and City Council
FROM:
. 7,
Greg Sticha, Finance Director ~r:
oW'
DA TE:
October 19,2005
SUBJ:
Award of Bid 2005 Bond Issues
BACKGROUND
At the October 10, 2005 Council meeting, the City Council authorized staff to
issue bonds for refunding the 1998A park bonds and to issue bonds for water
system improvements. The refunding bonds are for $2,630,000 and will be
called series 2005C, and the water revenue bonds are for $5,520,000 and will be
called series 2005B.
Ehlers & Associates will perform the bond sale on October 24,2005, and will
present complete information regarding the bidders and interest rates at that
council meeting. The City Council will then be asked to accept the bids after the
presentation.
Standard and Poor's will be reviewing our current credit rating of AA- during
the week.
RECOMMENDA TION
Staff recommends that the City Council award the bid for each bond issue to the
lowest responsible bidder as presented by Ehlers' staff.
The City 01 Chanhassen · A growing community with clean lakes, quality schools, a charming downtown, thriving businesses, winding trails, and beautiful parks. A great place to live, work, and play.