DEPARTMENT: Finance
FILE TYPE: Regular Action
TITLE
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Authorization Of Issuance And Sale Of General Obligation Capital Improvement Plan Bonds, Series 2025A
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PURPOSE/ACTION REQUESTED
Authorize the issuance and calling for the sale of General Obligation Capital Improvement Plan (CIP) Bonds, Series 2025A
SUMMARY
On January 7, 2025, the County Board held a hearing on the CIP to receive public comments on the County's intent to issue general obligation bonds (Bonds) for the construction of a Lebanon Hills Maintenance Facility and improvements to the Wentworth and Burnhaven libraries. Following the public hearing, the County Board approved the CIP.
Pursuant to Minn. Stat., Chapter 373, the County could not issue the Bonds until the completion of a 30-day reverse referendum period. If during that period it received a qualified petition, the Bonds could only be issued following approval by referendum. The County completed the reverse referendum period without a qualified petition and may now move forward with issuing the Bonds.
To continue the bond issuance process, the County Board must call for the sale of bonds, which authorizes County staff, along with the municipal advisor and bond counsel, to prepare for the sale of the Bonds and accept bids on May 5, 2025. The County Board would then consider awarding the sale of bonds at its meeting on May 6, 2025.
RECOMMENDATION
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Staff recommend authorizing the issuance and calling for the sale of General Obligation Capital Improvement Plan (CIP) Bonds, Series 2025A
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EXPLANATION OF FISCAL/FTE IMPACTS
The principal and interest payments will be approximately $3.25M annually. The County will pay debt service on the Bonds with ad valorem property tax revenues. This amount will be included in the 2026 County Manager's Recommended Budget.
? None ? Current budget ? Other
? Amendment Requested ? New FTE(s) requested
RESOLUTION
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