TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Julie Bondarchuk, Financial Controller
Libby Bretthauer, Financial Services Manager
SUBJECT:Title
Consideration of a Resolution Approving a Preliminary Official Statement and Continuing Disclosure Certificate Related to the Issuance of Pension Obligation Bonds (Finance Director Charelian).
ADOPT RESOLUTION NO. 21-0037
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council adopt Resolution No. 21-0037 approving the Preliminary Official Statement and Continuing Disclosure Certificate related to the issuance of Pension Obligation Bonds.
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FISCAL IMPLICATIONS:
Fiscal implications of issuing Pension Obligation Bonds have been addressed in previous reports and presentations, which are accessible on the City's website at www.citymb.info/Departments/Finance/Budget-and-Accounting/Pension-Obligation-Bonds.
BACKGROUND:
On December 15, 2020, the City Council adopted Resolution No. 20-0149 authorizing the issuance and sale of bonds to refund certain pension obligations of the City and authorized the City Manager and Finance Director to take all administrative and budgetary actions necessary to perform the bond issuance.
DISCUSSION:
In consultation with the City's Municipal Advisor (KNN Public Finance LLC), Bond and Disclosure Counsel (Stradling), and Underwriters (Bank of America Merrill Lynch and Stifel, Nicolas & Company), City staff developed a Preliminary Official Statement (POS) that will be used to market the Pension Obligation Bonds. The POS is the City's offering document for the Pension Obligation Bonds and includes demographic, financial and other information about the City and pension obligations. Under federal securities laws, this document must contain all relevant information related to the POB issuance and to City finances in general that ...
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