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R-75-14 RESOLUTION CITY OF LAKE ELMO WASHINGTON COUNTY, MINNESOTA A RESOLUTION PROVIDING FOR PUBLIC SALE OF $739,000 GENERAL OBLIGATION REFUNDING BONDS OF 1975 - DATE OF SALE May 20, 1975 WHEREAS, the City Council of the City of Lake Elmo by Resolution R-75-8 of March 4, 1975, authorized advanced refunding of the $739,000.00 Park Bond Issue of 1974; and WHEREAS, the City's financial consultants Juran & Moody, Inc. have pre- sented to this Council a proposed schedule of maturity for refunding bonds, which schedule is dated May 6, 1975; and WHEREAS, the City Council has determined the proposed maturity schedule would result in substantial savings to the City of Lake Elmo: NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lake Elmo as follows: 1. It is hereby found, determined and declared that this City should issue $739,000 General Obligation Refunding Bonds of 1975 to refund the out- standing General Obligation Park Bonds of 1974, dated December 1, 1974. 2. This Council shall meet at the time and place specified in the form of notice hereinafter contained for the purpose of opening and considering sealed bids for, and awarding the sale of $739,000 General Obligation Refund- ing Bonds of 1975 of said City. 3. The City Clerk is hereby authorized and directed to cause notice of the time, place and purpose of said meeting to be published in the official newspaper of the City and in Commercial West not less than ten (10) days in advance of date of sale, as provided by law, which notice shall be in sub- stantially the following form: See Exhibit "A" annexed hereto. 4. Each and all of the terms and provisions of the foregoing form of notice are hereby adopted as the terms and conditions of said bonds and of the sale thereof; and Juran & Moody, Inc., as fiscal consultants to the City are authorized and directed to establish the interest rates on behalf of the City as provided in the notice which rates shall be deemed ratified by the City, if and upon its award of the bid with the lowest net interest cost. Adopted by the City Council this 6th day of May, 1975. Mayn d L. Eder, Mayor Attest: Donald Mehsi omer, Clerk