2007.09.17 RESO 2007-0052 - Laserfiche WebLink

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Resolution 2007 - 52 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $1,230,000 GENERAL OBLIGATION HAPROVEMENT BONDS, SERIES 2007A, PLEDGING SPECIAL ASSESSMENTS FOR THE SECURITY THEREOF AND LEVYING A TAX FOR THE PAYMENT THEREOF A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City"), hereby determines and declares that it is necessary and expedient to issue $1,230,000 General Obligation Improvement Bonds, Series 2007A (the "Bonds" or, individually, a "Bond"), pursuant to Minnesota Statutes, Chapters 429 and 475, to finance the construction of various improvements in the City (the "Improvements"); and B. WHEREAS, the Improvements and all their components have been ordered prior to the date hereof, after a hearing thereon for which notice was given describing the Improvements or all their components by general nature, estimated cost, and area to be assessed; and C. WHEREAS, the City has retained Springsted as its independent financial advisor for the sale of the Bonds and was therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); and D. WHEREAS, it is in the best interests of the City that the Bonds be issued in book - entry form as hereinafter provided; and NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Hugo, Minnesota, as follows: 1. Acceptance of Provosal. The proposal of Wells Fargo Brokerage services, LLC, Minneapolis, Minnesota (the "Purchaser"), to purchase the Bonds in accordance with the Terms of Proposal, at the rates of interest hereinafter set forth, and to pay therefor the sum of $1,235,492.70 plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted, and the Bonds are hereby awarded to the Purchaser. The Clerk is directed to retain the deposit of the Purchaser and to forthwith return to the unsuccessful bidders any good faith checks or drafts.