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R-76-3 <br />RESOLUTION <br />CITY OF LAKE ELMO <br />WASHINGTON COUNTY, MINNESOTA <br />A RESOLUTION PROVIDING CONTINUING AUTHORITY <br />FOR REFUNDING PARK BONDS OF 1974 <br />WHEREAS, the City Council of the City of Lake Elmo by Resolution R-75-8 of <br />March 4, 1975, and Resolution R-75-31 of September lst, 1975, authorized a public <br />sale of $739,000.00 General Obligation Refunding Bonds of 1973 to refund outstanding <br />General Obligation Park Bonds of 1974,dated December 1, 1974; and <br />WHEREAS, no bids were received at said sales; and <br />WHEREAS, on recommendation of the City's financial consultant, Juran & Moody, <br />Inc., the City Council has determined that it is in the public interests to refund <br />the said General Obligation Park Bonds of 1974 at such time as the market will per- <br />mit refunding of the same for the purpose and so as to achieve the savings to the <br />City outlined in said Resolutions R-75-8 and R-75-31: <br />NOW, THEREFORE, BE IT RESOLVED, that said Juran & Moody, Inc. are hereby <br />authorized to initiate the public sale of such refunding bonds in the <br />amount of $739,000.00 for the purposes outlined in said Resolutions R-75-8 <br />and R-75-31 at such time as the market conditions indicate that a sale can be <br />consummated. <br />The City Clerk and other City officers are hereby authorized and directed <br />to proceed with such sale on the terms and conditions set forth in said Resolu- <br />tions R-75-8 and R-75-31 when and if the said financial consultants determine <br />that it is reasonably probable such a refunding sale can be consummated. <br />Adopted by the City Council this 28th day of January, 1976. <br />Maynard`L. Eder, Mayor <br />Attest: <br />Donald Mehs:k-omer, Clerk <br />