Resolution 2009-007 - Laserfiche WebLink

Home Browse Search

EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF LAKE ELMO, STATE OF MINNESOTA HELD: Tuesday, March 3, 2009 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Lake Elmo, State of Minnesota, was duly held on Tuesday, March 3, 2009 at 7:00 o'clock p.m. BE IT RESOLVED by the City Council of the City of Lake Elmo, State of Minnesota (herein, the "City "), as follows: I. The City Council hereby finds and declares that it is necessary and expedient for the City to sell and issue its fully registered general obligation refunding bonds in the total aggregate principal amount of not to exceed $1,100,000 (herein, the "Bonds "). The proceeds of the Bonds will be used, together with any additional funds of the City which might be required, to (i) current refund on or about May 12, 2009 all or a portion of the February 1, 2010 through 2017 maturities, aggregating up to $525,000 in principal amount, of the City's General Obligation State -Aid and Improvement Bonds, Series 2001, dated October 1, 2001 as the date of original issue, (ii) to crossover refund on December 1, 2009 all or a portion of the December 1, 2010 through 2021 maturities, aggregating up to $500,000 in principal amount, of the City's General Obligation Water Revenue Bonds, Series 2002B, dated May 1, 2002 as the date of original issue and (iii) to fund the costs of issuing the Bonds. 2. The City Council desires to proceed with the sale of the Bonds by direct negotiation to Northland Securities, Inc. (herein, `NSI "). 3. The City Interim Administrator and Finance Director are hereby authorized to approve the sale of the Bonds in an aggregate principal amount of not to exceed $1,100,000 and to execute a bond purchase agreement for the purchase of the Bonds with NSI, provided the total net savings is at least $60,000 . 4. Upon approval of the sale of the Bonds by the Interim Administrator and Finance Director the City Council will take action at its next regularly scheduled meeting thereafter to adopt the necessary approving resolutions as prepared by the City's bond counsel. 5. NSI is authorized to prepare an offering document related to the sale of the Bonds.