HomeMy WebLinkAboutResolution 2010-043CITY OF LAKE ELMO
WASHINGTON COUNTY, MINNESOTA
RESOLUTION NO. 2010 -043
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BE IT RESOLVED by the City Council of the City of Lake Elmo, State of Minnesota
(herein, the "City "), as follows:
1. The City Council hereby finds and declares that it is necessary and expedient for the
District to sell and issue its fully registered general obligation improvement bonds in the
total aggregate principal amount of not to exceed $710,000 (herein, the "Bonds "). The
proceeds of the Bonds will be used to fund various street improvement projects within the
City and 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 Finance Director and City Administrator are hereby authorized to approve the
sale of the Bonds in an aggregate principal amount of not to exceed $710,000 and to
execute a bond purchase agreement for the purchase of the Bonds with NSI, provided that
the true interest cost does not exceed 3,50 %.
4. Upon approval of the sale of the Bonds by the City Finance Director and the City
Administrator 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 official statement related to the sale of the Bonds.
6. If the City Finance Director and City Administrator have not approved the sale of the
bonds to NSI and executed the related bond purchase agreement by December 31, 2010,
this resolution shall expire.
ADOPTED by the City Council of the City of Lake Elmo o 7, 201
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mi Bruce A. Messelt City Ad istrator