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City of Missoula, Montana Item to be Referred to City Council Committee Committee: A & F Item: Award Sale of City’s $885,000 POOLED SPECIAL SIDEWALK, CURB, GUTTER AND ALLEY APPROACH BONDS, SERIES 2010 Date: June 14, 2010 Prepared by: Brentt Ramharter Initiated by: Brentt Ramharter Action Required: Award the sale of the CITY’S $885,000 POOLED SPECIAL SIDEWALK, CURB, GUTTER AND ALLEY APPROACH BONDS, SERIES 2010 which will occur on June 14, 2010. Recommended Motion: I move the City Council award the bid of D.A. Davidson in the amount of 5.159% True Interest Cost (TIC) for the CITY’S $885,000 POOLED SPECIAL SIDEWALK, CURB, GUTTER AND ALLEY APPROACH BONDS, SERIES 2010 Timeline: Referral to committee: June 4, 2010 Committee discussion: June 14, 2010 at 6:45 p.m. Deadline: Approve at June 14, 2010 council meeting Background and Alternatives Explored: The winning underwriter will hold their bid firm for 24 hours, allowing the City Council to approve and award the winning bid based on the recommendation from City staff and the City's financial advisor Financial Implications: These bond funds will simply reimburse the city for costs incurred on all of last year's curb & sidewalk projects ordered up in Public Works Committee. This award resolution also specifies the details of the bond sale. The details include where and how the city is to make its required debt payments, how the debt is secured, and items such as when the city can redeem the bonds early. The residents benefitted by this project will be assessed annually for their proportionate share of these costs. Attachments: Bid Form Bid Tab Post Sale Schedules Recommendations for Award of Sale