HomeMy WebLinkAboutItem 04 - Certificates of Obligation ITEM 4
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGEF K
MEETING DATE: NOVEMBER 2, 2010
SUBJECT: ORDINANCE AUTHORIZING THE SALE OF CERTIFICATES OF
OBLIGATION
RECOMMENDATION:
City Council to consider approving an ordinance authorizing the sale of $500,000 of
Certificates of Obligation, Series 2010 to Northstar Bank.
BACKGROUND:
At the November 2, 2010 City Council meeting, the City Council will award, by private
placement,the sale of$500,000 of Certificates of Obligation to Northstar Bank. Sale of the
certificates were previously authorized by the City Council on September 21, 2010.
Funds received from this CO sale will be used as follows:
Lake Parkas. Improvements including designing,
constructing, improving, renovating and equipping
the Vineyards Campground $500,000
Lake Parks revenue will be used to pay the outstanding debt.
Staff recommends approval.
The ordinance is available for review in the City Secretary's Office.