Resolution 99-30 - Laserfiche WebLink

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Councilmember �'��`� introduced the following resolution and moved its adoption, which motion was seconded by Councilmember _Ayi \ S t-f 0r. ; RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $525,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1999A 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 $525,000 General Obligation Temporary Improvement Bonds, Series 1999A (the Bonds), pursuant to Minnesota Statutes, Chapters 429 and 475 to provide funds sufficient, together with other City funds on hand, to retire on September 1, 1999, the outstanding $650,000 General Obligation Temporary Improvement Bonds, Series 1996A, dated September 1, 1996 (the 1996A Bonds). The 1996A Bonds were issued to temporarily finance sanitary sewer and water services 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. Section 2. Terms of ro osat. 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. Upon vote being taken thereon, the following voted in favor thereof:"` -'' and the following voted against the same: whereupon the resolution was declared duly passed and adopted.