Resolution 96-15 - Laserfiche WebLink

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Councilmember Conlin introduced the following resolution and moved its adoption, which motion was seconded by Councilmember Johnston RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $650,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1996A BE IT RESOLVED by the City= Council of the City of Lake Elmo, Minnesota (the City), as follows: Section 1. Purpose. It is hereby determined to be in the best interests of the City to issue its $650,000 General Obligation Temporary Improvement Bonds, Series 1996A (the Bonds), pursuant to Minnesota Statutes, Chapters 429 and 475, to finance sanitary sewer and water improvements for the SE 1/4 of Section 33 along with upgrading the system to provide for potential expansion of the Municipal Urban Service Area for an additional 280 acres (the Project). Section 2. Terms of Proposal. Springsted Incorporated, financial consultant to the City, has presented to this Council a form of Terms of Proposal for the Bonds which is attached hereto and hereby approved and shall be placed on file by the City Administrator. Each and all of the provisions of the Terms of Proposal are hereby adopted as the terms and conditions of the Bonds and of the sale thereof. Springsted Incorporated, as independent financial advisers, pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit bids for the Bonds on behalf of the City on a negotiated basis. Section 3. Sale Meeting. This Council shall meet at the time and place shown in the Terms of Proposal, for the purpose of considering sealed bids for the purchase of the Bonds and of taking such action thereon as may be in the best interests of the City. Section 4. Official Intent„ Declaration. (a) The City reasonably expects to reimburse expenditures made for costs of the Project out of the proceeds of the Bonds, which may be issued after the date of payment of all or a portion of the costs of the Project. All reimbursed expenditures shall be capital expenditures, a cost of issuance of the Bonds or other expenditures eligible for reimbursement under Section 1.150- 2(d)(3) of the Income Tax Regulations. (b) As of the date hereof, there are no City funds reserved, allocated on a long -term basis or otherwise set aside (or reasonably expected to be reserved, allocated on a long -term basis or otherwise set aside) to provide permanent financing for the expenditures related to the Project, other than pursuant to the issuance of the Bonds and any long -term bonds issued to refund the Bonds. The statement of intent contained in this resolution, therefore, is determined to be