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2015-031 Council Resolution
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2015-031 Council Resolution
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7/27/2015 1:58:32 PM
Creation date
7/27/2015 1:28:02 PM
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City Council
Council Document Type
Resolutions
Meeting Date
03/23/2015
Council Meeting Type
Regular
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• <br />• <br />• <br />3. Sale of Bonds. <br />(a) It is necessary and expedient to the sound financial management of the affairs of <br />the City to issue its General Obligation Bonds, Series 2015A (the "Bonds"), in the proposed <br />aggregate principal amount of $3,645,000, pursuant to the Abatement Act and the Municipal Debt <br />Act (collectively, the "Act') to provide financing for the Project and the Street Reconstruction. <br />The Bonds will be issued, sold, and delivered in accordance with the Terms of Proposal attached <br />hereto as EXHIBIT A (the "Terms of Proposal"). <br />(b) The City is authorized by Section 475.60, subdivision 2(9) of the Act to negotiate <br />the sale of the Bonds, it being determined that the City has retained an independent financial <br />advisor in connection with such sale. <br />4. Authority of Municipal Advisor. Springsted Incorporated is authorized and directed to <br />negotiate the Bonds on behalf of the City in accordance with the Terms of Proposal. The City Council <br />will meet at 6:30 P.M. on Monday, April 27, 2015, to consider proposals on the Bonds and take any other <br />appropriate action with respect to the Bonds. <br />5. Authority of Bond Counsel. The law firm of Kennedy & Graven, Chartered, as bond <br />counsel for the City, is authorized to act as bond counsel and to assist in the preparation and review of <br />necessary documents, certificates and instruments relating to the Bonds. The officers, employees and <br />agents of the City are hereby authorized to assist Kennedy & Graven, Chartered in the preparation of such <br />documents, certificates, and instruments. <br />6. Covenants. In the resolution awarding the sale of the Bonds the City Council will set <br />forth the covenants and undertakings required by the Act. <br />7. Official Statement. In connection with the sale of the Bonds, the officers or employees of <br />the City are authorized and directed to cooperate with Springsted Incorporated and participate in the <br />preparation of an official statement for the Bonds and to execute and deliver it on behalf of the City upon <br />its completion. <br />458637v 1 JAL LN 140-115 <br />(The remainder of this page is intentionally left blank.) <br />3 <br />
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