Broken Arrow City Council
Meeting of: 11-07-16
To: Mayor and City Council
From: Finance Department
Title:
title
Receipt and consideration of bids for and possible action awarding the sale of $18,720,000 in principal amount of Series 2016D General Obligation Bonds to the most responsible bidder and authorization to execute all documents related thereto
End
Background:
The Council authorized the solicitation of bids to sell $18,720,000 in General Obligation Bonds from the 2014 authorization at the regular October 18, 2016 Council meeting. Notice of sale for this Series was published and sent to prospective purchasers.
Bids were received at 1:00 p.m. Central Time, November 7, 2016 for the possible sale of $18,720,000 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 you may have. If the sale is approved, the Council will consider Ordinance #3455 elsewhere on the agenda. The proceeds from the proposed sale will be utilized for the projects listed on the attachment. Bid results will be presented at the Council meeting.
Cost: None
Prepared By: Thomas L. Caldwell, Finance Director
Reviewed By: Russell M. Gale, Assistant City Manager of Administration
Legal Department
Approved By: Michael L. Spurgeon, City Manager
Attachments: 2016D General Obligation Project Listing
Recommendation:
Award the most responsible bid for the sale of $18,720,000 in General Obligation Bonds Series 2016D, and authorize execution of all documents related thereto.