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LA515-142-950087.v1 <br />RESOLUTION NO. 2024-084 <br />A RESOLUTION AWARDING THE SALE OF <br />$5,050,000 GENERAL OBLIGATION IMPROVEMENT AND WATER REVENUE BONDS, SERIES 2024A FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT <br /> BE IT RESOLVED By the City Council of the City of Lake Elmo, Washington County, <br />Minnesota (the “City”) as follows: <br /> Section 1. Background. 1.01 The City is authorized by Minnesota Statutes, Chapters 429 and Minnesota <br />Statutes, Chapter 475, as amended (collectively, the “Improvement Act”) to provide financing for <br />various public street improvements in the City (the “Assessable Improvements”). 1.02 The City is authorized by Minnesota Statutes, Section 444.075 and Minnesota Statutes, Chapter 475, as amended (the “Utility Act”), to finance all or a portion of the cost of the <br />construction of various water system improvement projects of the City (the “Water <br />Improvements”) by the issuance of general obligation bonds of the City payable from the net revenues of the water system of the City. 1.03 The City is authorized by Minnesota Statutes, Section 475.60, subdivision 2(9) to <br />negotiate the sale of the Bonds if the City has retained an independent municipal advisor in <br />connection with such sale. The City has retained Northland Securities, Inc. as its municipal advisor (the “Municipal Advisor”). The actions of the City staff and the City’s Municipal Advisor in negotiating the sale of the Bonds are ratified and confirmed in all aspects. <br />Section 2. Sale of Bonds. <br /> 2.01 Authorization. It is hereby determined that it is necessary to provide financing for the Assessable Improvements and the Water Improvements and to finance those improvements through the issuance of the City’s $5,050,000 General Obligation Improvement and Water <br />Revenue Bonds, Series 2024A (the “Bonds”). <br /> 2.02. Award to the Purchaser and Interest Rates. The proposal of _____________, ___________, _______ (the “Purchaser”) to purchase the Bonds of the City described in the official statement thereof is found and determined to be the most favorable offer received and is hereby accepted, the proposal being to purchase the Bonds at a price of $______________ (par <br />amount of $5,050,000, plus a [net] premium of $_____________ less underwriter’s discount of <br />$_____________), for Bonds bearing interest as follows: