03-26-08 Council Agenda - Laserfiche WebLink

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associated with public utilities and public streets, as set forth in the Plan (the "Tax Increment Portion of the Bonds ") and the tax increments derived from the Tax Increment District are referred to herein as the "Tax Increments "; and E. WHEREAS, to finance the various City Improvement Projects (the "Improvement Portion of the Bonds ") the Assessment Improvements and all their components have been ordered prior to the date hereof, after a hearing thereon for which notice was given describing the Assessment Improvements or all their components by general nature, estimated cost, and area to be assessed; and F. WI- IEREAS, the City operates a municipal water system and a municipal sewer system as revenue producing public utilities (the "System ") and there are currently no outstanding obligations of the City which would constitute a prior lien upon the net revenues of the System; and G. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ( "Ehlers "), as its independent financial advisor for the sale of the Bonds and was therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been solicited by Ehlers; and H. WHEREAS, the proposals set forth on Exhibit A attached hereto were received by the City Administrator, or designee, at the offices of Ehlers, at 11:00 a.m., this same day pursuant to the Terms of Proposal established for the Bonds; and I. WHEREAS, it is in the best interests of the City that the Bonds be issued in hook - entry form as hereinafter provided; and NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Little Canada, Minnesota, as follows: 1. Acceptance of Proposal. The proposal of (the "Purchaser "), to purchase the Bonds, in accordance with the Terms of Proposal established for the Bonds, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ , plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received, is hereby accepted and the Bonds are hereby awarded to the Purchaser. The City Administrator is directed to retain the deposit of the Purchaser and to forthwith return to the unsuccessful bidders any good faith checks or drafts. 2. Bond Terms, (a) Original Issue Date; Denominations; Maturities; Term Bond Option. The Bonds shall be dated April 22, 2008, as the date of original issue and shall be issued forthwith on or after such date in fully registered form, shall be numbered from R -1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity (the "Authorized Denominations ") and shall mature on February 1 in the years and amounts as follows: 2154193v1 2