CCRes_93-08 - Laserfiche WebLink

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Councilmember Ciernia then introduced the following resolution and moved its adoption: RESOLUTION RELATING TO $1_,170,Obl~ENERAL OBLIGATION TAX INCREMENT REFUNDIlVG BONDS OF 1993; AUTHORIZIlVG THE ISSUANCE, AWARDING THE SALE, FTXIIVG THE FORM AND DETAILS, AND PROVIDIlVG FOR THE EXECUTION AND DELIVERY THEREOF AND THE SECURITY THEREFOR BE TT RESOLVED by the City Council (the Council) of the City of Falcon Heights, Minnesota (the City), as follows: Section 1. Authorization are Sale. 1.01. Authorization. The City has presently outstanding its General Obligation Tax Increment Bonds of 1984, Series B, initially dated as of November 1, 1984 (the 1984 Bonds), and its General Obligation Tax Increment Bonds of 1985, initially dated as of June 1, 1985 (the 1985 Bonds) (the 1984 Bonds and the 1985 Bonds are herein collectively referred to as the Prior Bonds). This Council hereby authorizes the sale of$1,170,00(General Obligation Tax Increment Refunding Bonds *' of 1993 (the Bonds), of the City, the proceeds of which would be used, together with any additional funds of the City which might be required, to refund in advance of maturity the 1984 Bonds maturing in the years 1998 through 2005 which aggregate $370,000 in principal amount (the 1984 Bonds Refunded Bonds), and to refund in advance of maturity the 1985 Bonds maturing in the years 1995 through 1998 which aggregate $775,000 in principal amount (the 1985 Bonds Refunded Bonds) (the 1984 Bonds Refunded Bonds and the 1985 Bonds Refunded Bonds are herein collectively referred to as the Refunded Bonds). Said refunding constitutes a "QOSSOVer refunding" as defined in Minnesota Statutes, Section 475.17, subd. 13. 1.02. Sale of Bonds. The City has retained Ehlers and Associates, Inc., as independent financial advisors in connection with the sale of the Bonds. Pursuant to Minnesota Statutes, Section 475.60, subdivision 2, paragraph (9), the requirements as to public sale do not apply to the issuance of the Bonds. Bids have been received for the sale of the Bonds, and the Council has publicly considered all sealed bids presented in conformity with the terms and conditions distributed by the City to potential purchasers of the Bonds. The most favorable of such bids is ascertained to be that of John G. Kinnard & Co. ,and associates, of Minneapol i s (the Purchaser), to purchase the Bonds at a price of $1,159,23fplus accrued interest on all Bonds to the day of delivery and payment, on the further terms and conditions hereinafter set forth.