2018-130 Council Resolution - Laserfiche WebLink

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3. Sale of Bonds. (a) It is necessary and expedient to the sound financial management of the affairs of the City to issue its General Obligation Bonds, Series 2018A (the `Bonds"), in the proposed aggregate principal amount of $7,169,000, pursuant to the Municipal Debt Act, including Section 475.58, subdivision 3b, and the Utility Revenue Act (collectively, the "Act") to provide financing for the Street Reconstruction and the Utility Improvements. The Bonds will be issued, sold, and delivered in accordance with the Terms of Proposal attached hereto as EXHIBIT A (the "Terms of Proposal"). (b) The City is authorized by Section 475.60, subdivision 2(9) of the Act to negotiate the sale of the Bonds, it being determined that the City has retained an independent municipal advisor in connection with such sale. 4. Authority of Municipal Advisor. Springsted Incorporated is authorized and directed to negotiate the Bonds on behalf of the City in accordance with the Terms of Proposal. The City Council will meet at 6:30 P.M. on Tuesday, November 13, 2018, to consider proposals on the Bonds and take any other appropriate action with respect to the Bonds. 5. Authority of Bond Counsel. The law firm of Kennedy & Graven, Chartered, as bond counsel for the City, is authorized to act as bond counsel and to assist in the preparation and review of necessary documents, certificates, and instruments relating to the Bonds. The officers, employees, and agents of the City are hereby authorized to assist Kennedy & Graven, Chartered in the preparation of such documents, certificates, and instruments. 6. Covenants. In the resolution awarding the sale of the Bonds the City Council will set forth the covenants and undertakings required by the Act. 7. Official Statement. In connection with the sale of the Bonds, the officers or employees of the City are authorized and directed to cooperate with Springsted Incorporated 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. 8 Amendments to Street Reconstruction Plan. The City Council hereby amends the Plan so that the amount of the Bonds to be expended on the West Shadow Lake Drive Improvements shall be $3,927,399 and the amount of the Bonds to be expended on the LaMotte Drive Improvements shall be $1,197,778. Adopted by the Council of the City of Lino Lakes this 8th day of October, 2018. The motion for the adoption of the foregoing resolution was introduced by Council Member Rafferty and was duly seconded by Council Member Maher and upon vote being taken thereon, the following voted in favor thereof: Rafferty, Stoesz, Manthey, Maher, Reinert The following voted against same: None 3