Broken Arrow City Council
Meeting of: 12-01-15
To: Mayor and City Council
From: Finance Department
Title:
title
Receipt and consideration of bids for and possible action awarding the sale of $11,575,000 in principal amount of Series 2016A General Obligation Bonds and authorization to execute the pertinent documents related thereto
End
Background:
The Council authorized the solicitation of bids to sell $11,575,000 in General Obligation Bonds from the 2011 authorization at the regular November 17, 2015 Council meeting. Notice of sale for this Series was published and sent to prospective purchasers.
Bids will be received at 1:00 p.m. Central Time, December 1, 2015 for the possible sale of $11,575,000 in General Obligation Bonds. A representative of Municipal Finance Services, the City’s Financial Advisor, will be present to review the bids received and to answer any questions the Council may have. If the sale is approved, the Council will consider Ordinance #3372 elsewhere on the agenda. The proceeds from the proposed sale will be utilized as shown on Exhibit A.
Cost: Estimated issuance costs of $100,000.00 at time of sale of bonds
Prepared By: Thomas L. Caldwell, Finance Director
Reviewed By: Legal Department
Acting Assistant City Manager
Approved By: Michael L. Spurgeon, City Manager
Attachments: Exhibit A
Recommendation:
Approve the bids received and award the most advantageous for the sale of $11,575,000 in General Obligation Bonds Series 2016A, and authorize execution of all pertinent documents related thereto.