6.3 T-Note Bids City Of Salina
Request for Commission Action Date Time
3/20/00 4:00 PM
AGENDA SECTION: ORIGINATING DEPARTMENT: APPROVED
NO. 6 FOR AGENDA:
FINANCE
ITEM NO,
3
BY: Rodney Franz BY: ~
ITEM: Resolution Number 00-5577 authorizing obtaining bids on temporary notes.
BACKGROUND: This temporary note issue will provide temporary financing for the
South Ohio Street project. The total amount of notes to be issued will be $3,900,000.
The note will mature August 1,2001.
On the last series of notes issued, we received a limited number of bids. In an attempt
to market the notes more widely, we are obtaining a rating from Moody's, and will be
issuing an official statement. In the past, we have done this for long term bond issues,
but not for temporary notes.
We will be considering bids on the notes on April 3, 2000.
REQUESTED ACTION:
Approve Resolution Number 00-5577.