05-27-2015 Council Packet - Laserfiche WebLink

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"Bonds" or individually, a "Bond"), pursuant to Minnesota Statutes, Chapter 475, to provide moneys for an advance crossover refunding of the Refunded Bonds; and E. WHEREAS, the City Council, has heretofore established the Municipal Development District No. 5 (the "Development District") pursuant to the provisions of Minnesota Statutes, Sections 469.124 through 469,133, and has approved a Development Program (the "Program") with respect to the Development District; and F. WHEREAS, the City Council has also heretofore established Tax Increment Financing District No. 5-1 as a renewal and renovation district within the Development District (the "Tax Increment District") under the provisions of Minnesota Statutes, Sections 469.174 through 469.1794 and has approved a tax increment financing plan (the "Plan") with respect to the Tax Increment District; and 0. WHEREAS, pursuant to the provisions of the Program and Plan, funds are to be expended within the Development District for the purpose of providing money to finance eligible project costs within the Tax Increment District, constituting capital and administration costs 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 H. 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 I. WIIEREAS, the proposals set forth on Exhibit A attached hereto were received by the Administrator, or designee, at the office of Ehlers, at 10:00 A.M. on the date hereof, pursuant to the Preliminary Official Statement for the Bonds, dated May 14, 2015; and J. WHEREAS, it is in the best interests of the City that the Bonds be issued in book - 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 Preliminary Official Statement 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 Finance Director is directed to retain the deposit of the Purchaser and to forthwith return to the unsuccessful bidders their good faith checks or drafts. 2 7098455v1