Resolution 2014-39 Authorizing Issuance and Sale of 6,235,000 GO Bonds, Series 2014A

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Mayor Pearson introduced the following resolution and moved its adoption, which motion was seconded by Councilmember Nelson: RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $6,235,000 GENERAL OBLIGATION BONDS, SERIES 2014A BE IT RESOLVED by the City Council of the City of Lake Elmo, Minnesota (the "City"), as follows: Section 1. Authorization, Purpose. It is hereby determined to be in the best interests of the City to issue its General Obligation Bonds, Series 2014A, in the approximate principal amount of $6,235,000 (the "Bonds"), as authorized pursuant to Minnesota Statutes, Chapters 475, 444, 429 and 412.301, for the purpose of (a) financing various street improvements in the City, (b) financing various water and sewer improvement in the City, (c) financing various items of capital equipment and (d) funding costs of issuance of the Bonds. Section 2. Notice of Sale. Northland Securities, Inc., financial advisor to the City, has presented to this Council a form of Notice of Sale for the Bonds which is attached hereto and hereby approved and which shall be placed on file by the City Administrator. Each and all of the provisions of the Notice of Sale are hereby adopted as the terms and conditions of the Bonds and of the sale thereof. Northland Securities, Inc. is hereby authorized to solicit bids for the Bonds on behalf of the City on a competitive basis. Section 3. Award and Sale. The City Council shall meet at the times and places shown in the Notice of Sale 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 interest of the City. Upon vote being taken thereon, the following members voted in favor thereof, Pearson, Nelson, Smith, Bloyer, and Reeves and the following members voted against the same: None whereupon the resolution was declared duly passed and adopted.