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<br />
<br />Councilmember Bloyer introduced the following resolution and moved its adoption, which
<br />motion was seconded by Councilmember Lundgren: RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE
<br />PAYMENT OF $9,045,000 GENERAL OBLIGATION BONDS, SERIES 2017A
<br /> BE IT RESOLVED by the City Council, City of Lake Elmo, Minnesota (the “City”), as follows:
<br />SECTION 1. AUTHORIZATION AND SALE.
<br />1.01. Authorization. This City Council, by resolution duly adopted on April 18, 2017,
<br />authorized the issuance and sale of its General Obligation Bonds, Series 2017A (the “Bonds”), pursuant to Minnesota Statutes, Chapters 412.301, 429, 444 and 475, for the purpose of (a) financing various improvement projects in the City (the “Improvements Project”), (b) financing various street, water, stormwater, and sewer improvements in the City (the “Utility Project”),
<br />(c) financing various items of capital equipment (the “Equipment”) and (d) funding costs of
<br />issuance of the Bonds (collectively, the “Project”). All proceedings for approval of the Improvements Project have been completed in satisfaction of the requirements of Minnesota Statutes, Chapter 429.
<br />1.02. Sale. Pursuant to the Notice of Sale and the Preliminary Official Statement
<br />prepared on behalf of the City by Northland Securities, Inc., municipal advisor to the City, sealed
<br />or electronic proposals for the purchase of the Bonds were received at or before the time specified for receipt of proposals. The proposals have been opened, publicly read and considered and the purchase price, interest rates and net interest cost under the terms of each proposal have been determined. The most favorable proposal received is that of FTN Financial Capital
<br />Markets, in Memphis, Tennessee (the “Purchaser”), to purchase the Bonds in the principal
<br />amount of $9,045,000, at a price of $9,302,248.04 plus accrued interest, if any, on all Bonds to the day of delivery and payment, on the further terms and conditions hereinafter set forth. The principal amount of the portion of the Bonds allocable to the Improvements Project ($4,295,000) shall be designated as the “Improvement Bonds,” the principal amount of the portion of the
<br />Bonds allocable to the Utility Project ($4,480,000) shall be designated as the “Utility Bonds.”
<br />The principal amount of the portion of the Bonds allocable to the Equipment ($270,000) shall be designated as “Equipment Bonds” and does not exceed 0.25 percent of the market value of taxable property in the City ($3,444,612).
<br />1.03. Award. The sale of the Bonds is hereby awarded to the Purchaser, and the Mayor
<br />and City Administrator are hereby authorized and directed on behalf of the City to execute a
<br />contract for the sale of the Bonds with the Purchaser in accordance with the Preliminary Official Statement. The good faith deposit of the Purchaser shall be retained and deposited by the City until the Bonds have been delivered, and shall be deducted from the purchase price paid at settlement.
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