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At its regular meeting of October 11, 2022, City Council passed resolution #22-237 Giving preliminary approval <br />of issuance of Street Reconstruction bonds and approval of Street Reconstruction and Overlay Plan and <br />Resolution #22-238 Providing for the Sale of General Obligation Street Reconstruction Bonds. <br />The GO Street Reconstruction bonds will be bid on the morning of November 15, 2022 by prospective bond <br />buyers and the results will be presented to the City Council that same night. <br />The City had a bond rating call with Standard & Poor's (S&P) rating service on November 7, 2022. S& P <br />assigned an AA+ rating to this issue and affirmed the City's rating of AA+ on prior issues. <br />The City's preliminary levy that was adopted September 27, 2022, included an estimated annual debt levy of <br />$1,145,607 that was applicable to this bond being sold to fund approximately $12M of City street reconstruction <br />and overlay projects. When sold, if the annual debt levy is determined to be higher than the $1,145,607 the levy <br />amount for 2023 cannot be increased, but the remaining 14 years of annual levies would offset the difference. <br />Time Frame/Observations/Alternatives: <br />Alternatives: <br />#1. Motion to Adopt Resolution #22-259 authorizing approval of the sale of $12,075,000 General Obligation <br />Stret Reconstruction Bonds, Series 2022A. <br />#2. Motion to not Adopt Resolution #22-259 which would be to reject the bids of the bond sale. <br />Funding Source: <br />The issuance of Street Reconstruction Bonds will fund the reconstruction and overlay projects as outlined in the <br />5-Year Street Reconstruction & Overlay Plan (SROP) which is taken from the City's 2023-2032 Capital <br />Improvement Plan (CIP) <br />Recommendation: <br />Staff recommends Alternative #1 <br />Outcome/Action: <br />Motion to Adopt Resolution #22-259 Providing for the Issuance and Sale of $12,075,000 General Obligation <br />Street Reconstruction Bonds, Series 2022A, and Levying a Tax for the Payment Thereof. <br />Presale Report <br />Reso #22-256 Approve Sale of Debt <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Brian Hagen Brian Hagen 11/10/2022 10:48 AM <br />Form Started By: Diana Lund Started On: 10/19/2022 01:21 PM <br />Final Approval Date: 11/10/2022 <br />