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City of <br />Pequot <br />Lakes — <br />AGENDA ITEM #10.1 <br />REPORT TO <br />CITY COUNCIL <br />Report Prepared by: Nancy Malecha <br />Date: February 3, 2014 <br />Subiect: Award Bid for Equipment Certificates <br />Report: On January l Ot'', financing terms were delivered to all <br />four local banks (American National Bank, Lakes State Bank, <br />Mid-MN Federal Credit Union, and Wells Fargo) outlining our <br />request for bids for the issuance of equipment certificates for the <br />snowplow/dump truck. We received one bid from Lakes State <br />Bank (see attached). We are requesting that the City accept the <br />offer from Lakes State Bank to purchase the $193,000 General <br />Obligation Equipment Certificates, Series 2014A. <br />All documents relating to the issuance and sale of the Equipment <br />Certificates have been prepared by the City's bond counsel, Briggs <br />and Morgan. <br />Council Action Requested: Council motion to approve the <br />resolution providing for the issuance and sale of $193,000 General <br />Obligation Equipment Certificates, Series 2014A to Lakes State <br />Bank and levying a tax for the payment thereof. <br />