HomeMy WebLinkAboutResolution 4537
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RESOLUTION NO. 4537
RESOLUTION INITIATING THE PROCESS FOR THE SALE OF THE
CITY'S TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING
BONDS, SERIES 1994B
BE IT RESOLVED BY THE CITY COUNCIL (the "Council") of the
City of Mounds View, Minnesota (the "City"), as follows:
1. The Council hereby finds and determines the following:
(a) The Council believes it to be in the City's best
interest to consider a refunding of the callable
bonds of the City's Taxable General Obligation Tax
Increment Bonds, Series 1988A, dated February 1,
1988, issued in the original principal amount of
$6,000,000 (the "Prior Bonds").
(b) The Prior Bonds which mature after February 1,
1996, are in the aggregate principal amount of
$4,725,000 and are subject to prepayment on said
date at the option of the City at the redemption
price of par plus accrued interest.
(c) The refunding of the callable Prior Bonds is
consistent with covenants made with the holders
thereof and is necessary and desirable for and
will result in the reductin of debt service cost
to the City.
(d) It is necessary and expedient to issue the City'S
Taxable General Obligation Tax Increment Refunding
Bonds, Series 1994B (the "Bonds"), to provide
moneys for a refunding of the callable Prior
Bonds. The necessary principal amount of the
Bonds is currently estimated to be $4,970,000, but
in offering the Bonds for sale, the City will
reserve the right to increase or decrease the
amount of the Bonds by not more than $150,000, and
accordingly the maximum principal amount of the
Bonds would be $5,120,000.
(e) The City has retained springsted Incorporated, in
st. Paul, Minnesota, as its independent financial
advisor for the Bonds and is therefore authorized
to sell the bonds by a competitive negotiated sale
in accordance with Minnesota statutes, section.
475.60, Subdivision 2 (9).
(f) It is necessary and desireable to the sound
financial management of the affairs of the City
that the City issue the Bonds pursuant to
Minnesota Statutes, Section 475.67, Subdivision
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RESOLUTION NO. 4537
PAGE TWO OF TWO
ATTEST:
(SEAL)
13, in order to provide financing for the
refunding described above, and the Council hereby
states its intention to authorize and issue the
Bonds accordingly.
2. The terms and conditions of the Bonds and the sale
thereof are set forth in the "Terms of Proposal"
attached hereto as Exhibit A, and the Council shall
meet at the time and place specified therein for the
purposes of opening and considering sealed bids for the
purchase of the Bonds and considering the award of sale
of the Bonds.
Adopted this 28th day of March, 1994.