02-14-2007 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 Either $2,205,000 or $2,770,000 General Obligation Permanent Improvement Revolving Fund Bonds, Series 2007 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 either the City's $2,205,000 or $2,770,000 General Obligation Permanent Improvement Revolving Fund Bonds, Series 2007 (the "Bonds "), to finance the construction of various improvements in 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 February 28, 2007, 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 14'h day of February, 2007. N: \M i nnsota \Little Canada \07 PIR \Pre- SeleReport.wpd -7 City Administrator