HomeMy WebLinkAbout9.k. Set Special Council Meeting - Bond Sale/ EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING 'DATE: September 15, 1992
AGENDA ITEM: Set ,Special
Council Meeting For
AGENDA SECTION:
-September 29, 1992,
at 6:30 P.M. - Bond Sale
Consent
PREPARED BY:
Jeff May, Finance Director
AGENDJ'}i�s� A
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ATTACHMENTS: None
A O D B
Upon recommendations from our financial consultants,"Springsted,
we are asking,Cou cil action to set a special meeting for
Tuesday, September 29, 1992, at 6:30 P.M. to consider authorizing
issuance and sett ng bond sales for the issuance of bonds. These
bonds are for the armory and its related projects and other
public improvement projects occurring within the city. This is
the latest date that we can hold a meeting and still sell the
bonds far enough` way from the elections to get more favorable
rates. The bonds would be sold October 20th under this scenario
Our consultants feel that there will be such a glut of sales on
the market as you get closer to the election that there will be a
risk of receiving higher rates thanifwe sell the bonds on the
20th of October a5 we are proposing.
RECOMMENDED ACTION:
Motion to set a Special Council Meeting for
Tuesday, September 29,
authorizing issuance
1992, at 6:30 P.M., for the 'purpose .of
and setting the sale for one or more bond issues.
COUNCIL ACTION: