03-12-08 Council Agenda - Laserfiche WebLink

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Resolution No. Council Member introduced the following resolution and moved its adoption: Resolution Providing for the Sale of $2,690,000 General Obligation Bonds, Series 2008 A. WHEREAS, the City Council of the City of Little Canada, Minnesota (the "City "), has heretofore determined that it is necessary and expedient to issue the City's 52,690,000 General Obligation Bonds, Series 2008 (the "Bonds "), to finance the construction of various public improvements within Development District No. 5 of the City; and B. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ( "Ehlers "), as its independent financial advisor for the Bonds and is therefore authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); NOW, THEREFORE, BE IT RESOLVED by the City Council of Little Canada, Minnesota, as follows: 1. Authorization. Findings. The City Council hereby authorizes Ehlers to solicit proposals for the sale of the Bonds. 2. Meeting. Proposal Opening. The City Council shall meet at 7:00 p.m. on March 26, 2008, for the purpose of considering proposals for and awarding the sale of the Bonds. 3. Official Statement. In connection with said sale, the officers or employees of the City are hereby authorized to cooperate with Ehlers and participate in the preparation of an official statement for the Bonds and to execute and deliver it on behalf of the City upon its completion. The motion for the adoption of the foregoing resolution was duly seconded by Council Member and after full discussion thereof and upon a vote being taken thereon, the following Council Members voted in favor thereof: and the following voted against the same: Whereupon said resolution was declared duly passed and adopted. Dated this 12'I' day of March, 2008. City Administrator N: \Minnsota \Little Canada \08 Tut Bonds \LittleCanada PreSalelteport2.wpd 20