Resolution 2013-078 Bond Resolution

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Councilmember PA V-%-0 t4 introduced the following resolution and moved its adoption, which motion was seconded by Councilmember q RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $5,615,000 GENERAL OBLIGATION BONDS, SERIES 2013A BE IT RESOLVED by the City Council, City of Lake Elmo, Minnesota (the City), as follows: SECTION 1. AUTHORIZATION AND SALE. 1.01. Authorization. This City Council, by resolution duly adopted on August 6, 2013 (the Preliminary Resolution), authorized the issuance and sale of its General Obligation Bonds, Series 2013A (the Bonds), pursuant to Minnesota Statutes, Section 444.075 and Chapters 429 and 475. Proceeds of the Bonds will be used to finance various street improvement projects in the City and improvements to the City's water and sewer utilities (collectively, the Systems). The Preliminary Resolution authorized the officers of the City to negotiate with Northland Securities, Inc. (the Purchaser) for the sale of the Bonds, to approve the sale of the Bonds in an aggregate principal amount not to exceed $5,725,000 and with a true interest cost not to exceed 4.50%, and to execute a bond purchase agreement for the purchase of the Bonds with the Purchaser. 1.02. Sale. The City has received a proposal from the Purchaser to purchase the Bonds, in the principal amount of $5,615,000, at a price of $5,631,790.05, plus accrued interest to the date of delivery and payment. The proposal results in a true interest cost of 3.1.3% which meets the test described in Section 1.01 hereof. The sale of the Bonds to the Purchaser is hereby ratified and confirmed. The portion of the Bonds ($1,600,000) that is being issued pursuant to Minnesota Statutes, Chapters 429 and 475 (the Improvement Bonds) will be used to finance street improvements in the City (the Improvement Project). The portion of the Bonds ($4,015,000) that is being issued pursuant to Minnesota Statutes, Section 444.075 and Chapter 475 (the Utility Bonds) will be used to finance improvements to the Systems (the Utility Projects; together with the Improvement Project, the Projects). Maturity schedules for the Improvement Bonds and the Utility Bonds are attached hereto. SECTION 2. BOND TERMS,• REGISTRATION;..EXECUTION AND DELIVERY. 2.01. Issuance of Bonds. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Bonds having been done, now existing, having happened and having been performed, it is now necessary for the Council to establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith.