7.1. SR 05-21-2007
REQUEST FOR ACTION
To
Ci ,Council
Agenda Section
Administration
Item Description
Resolution Providing for the Sale of $3,135,000 G.o.
Improvement Bonds, Series 2007C
Meeting Date
Ma 21,2007
Item Number
7.1.
Prepared by
Tim Simon, Finance Director
Reviewed by
Lori ohnson, Finance Director
Reviewed by
Action Requested
Adopt the resolution providing for the sale of $3,135,000 G.O. Improvement Bonds, Series 2007C.
Background/Discussion
Public hearings were held on the Deerfleld and Irving Avenue 2007 improvement projects and
subsequendy bids have been awarded for these two projects to Redstone Construction Co, Inc. In
previous years, these projects have been funded through a combination of assessments, tax levy, and
internal financing (street improvement reserve fund). These improvement projects ate significantly larger
than previous improvement projects; therefore, staff is recorrunending using bond proceeds, funds from
the Surface Water Management fund for the storm water improvements portion of the project and the
Street Improvement Reserve fund. By using this combination of financing, the estimated tax levy impact
for the next 10 years will be approximately $130,000 per year.
Financial Impact
These bond proceeds of approximately $3,135,000 will be repaid by annual tax levy and special
assessments to the benefiting property owners.
Attachments
. Pre-sale report
. Resolution Providing for the Sale of $3,135,000 G.O. Improvement Bonds, Series 2007C
. Preliminary cash flow schedule
. 2007 cash flow projection on the street improvement reserve fund
Action
Motion by _
Second by_
Vote
Follow Up
C\Oocument:; and Settings\jmiller\LocaI Settings\ Temporary Internet Files\OIK3E\2007C Pre-Sale,doc
City of Elk River, Minnesota
Pre-Sale Report
May 21, 2007
O"~
~er
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Proposed Issue:
$3,135,000 General Obligation Improvement Bonds, Series lOD7e
Purpose:
To fund Irving and Deerfield street projects pursuant to Minnesota Statutes,
Section 429.
Schedule:
Council Authorizes Bond Sale:
May 21, 2007
Conference with Rating Agency:
May 30, 2007
Bond Sale:
June 4, 2007
Estimated Closing Date:
Week of June 25,2007
Term:
The total tenn of the Bonds will be 10 years of payments with the first interest
payment due on February \,2008, and principal due on February 1,2009, and
each year thereafter with the final principal payment on February 1,2018.
Call Feature:
Due to the potential for prepayments of assessments over time, a shorter call date
is recommended, with the Bonds maturing in 2014 and later can be called on
February 1,2013.
Rating,
The Bonds are expected to be rated by Moody's Investors Service at an "AI"
level.
Funding Sources:
Debt service will be paid with special assessments levied at a rate equal to 1.5%
over the bond rate or approximately 5.75% and a property tax levy of
approximately $130,000 per year. Most of the assessments are levied over 10
years with a portion of the Irving project levied and payable over 5 years.
Capitalized interest will cover the first interest payment on February 1, 2008.
Bank Qualification: The City expects to issue more than $10,000,000 in the calendar year 2007.
Therefore, the Bonds will not be bank qualified. The difference between non-
bank qualified and bank qualified debt is very small in today's marketplace.
Discussion Issues: A portion of the assessments are used to cover costs of issuance. The City is
assuming approximately 5% of the assessments will be prepaid, which reduces
the bond size.
Arbitrage Rebate: With increasing short~term investment rates, IRS rules regarding the amount of
interest that the City may earn on bond proceeds is more of a concern. Because
the issue is over $5,000,000, the City must spend proceeds according to an 18
month or 2 year schedule to avoid rebating or repaying interest earned that is
more than the interest rate on the bonds. The excess interest earnings are known
as arbitrage. The City will also need to keep its debt service funds within IRS
parameters to avoid penalties on carrying too high of a balance during the life of
the issue.
Attachments:
Sources and Uses of Funds
Proposed Debt Service Schedule
Ehlers Contacts:
Financial Advisors:
Bond Analysts:
Mark Ruff (651) 697-8505
Sid Inman (651) 697~8507
Diana Lockard (651) 697-8534
Debbie Holmes (651) 697-8536
Connie Kuck (651) 697-8527
Bond Sale Coordinator:
The Official Statement for this financing will be mailed to the Council Members at their home address for
review prior to the sale date.
RESOLUTION 07-_
Council Member
introduced the following resolution and moved its adoption:
RESOLUTION PROVIDING FOR THE SALE OF $3,135,000
G.O. IMPROVEMENT BONDS, SERIES 2007C
WHEREAS, the City Council of the City of Elk River, :Minnesota, has heretofore detennined that it
is necessary and expedient to issue the City's $3,135,000 G.O. Improvement Bonds, Series 2007C
(the "Bonds"), to fund certain improvements to the City's infrastructure; and;
WHEREAS, the City has retained Ehlers & Associates, Inc. in Roseville, 11innesota ("Ehlers"), as
its independent fmandal advisor for the Bonds and is therefore authorized to solicit proposals in
accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9);
NOW, THEREFORE BE IT RESOLVED by the City Council of Elk River, J\.finnesota, as
follows:
1. Authorization: Findings. The City Council hereby authorizes Ehlers to solicit proposals for
the sale of the Bonds.
2. Meeting; Proposal Opening. The City Council shall meet at City Hall on June 4, 2007, for
the purpose of considering a resolution awarding the sale of the Bonds.
3. Official Statement. In connection with said sale, the officers or employees of the City are
hereby authorized to cooperate with Ehlers and participate in the preparation of an official
statement for the Bonds and to execute and deliver it on behalf of the City upon its
completion.
Tne motion for the adoption of the foregoing resolution was duly seconded by Council Member
and, after full discussion thereof and upon a vote being taken thereon, the following
Council Members voted in favor thereof:
and the following voted against the same;
Whereupon said resolution was declared duly passed and adopted.
Passed and adopted this 21" day of May, 2007.
Stephanie Klinzing, Mayor
ATTEST
Tina Allard, City Clerk
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Street Improvement Reserve
Revenues
Interest
Special assessments
Other Revenue
Landfill host fee
Other
Total Revenue
Expenditures
Deerfield
Irving Avenue
Capital Outlay
Total Expenditures
Revenues less Expenditures
_I
Actual
2006
132,087
2,438
168,712
32,703
335,940
206,342
206,342
129,598
Estimated
2007
117,594
100,000
150,000
367,594
600,000
400,000
1,000,000
(632,406)
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Notes
Interest earnings are estimated at 4%.
S:\Council\Finance\2007CPre--Sale.doc