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1988.05.02 RESO 1988-0016
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1988.05.02 RESO 1988-0016
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City Council
Document Type
Resolutions
Meeting Date
5/2/1988
Meeting Type
Regular
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Project Designation & Description Project Costs <br />Public Improvement Project Nos. <br />1987-30-0 and 88-1 <br />(125th Street, Homestead Drive, 130th <br />Street, and 120th Street surfacing and <br />related improvements): <br />Construction, Engineering, and <br />Contingency $151,260 <br />Issuance Costs 12,500 <br />Capitalized Interest 13,000 <br />Allowance for Discount 3,240 <br />Total $180,000 <br />(b) That is it necessary and expedient to the sound <br />financial management of the affairs of the City <br />that the City issue its bonds pursuant to <br />Minnesota Statutes, Chapter 429 and 475, to <br />provide financing for the Improvements. <br />(c) The Project and all its components have been <br />ordered prior to the date hereof, after a <br />hearing thereon for which mailed and published <br />notice was duly given as required by law <br />describing the Project or all its components by <br />general nature, estimated cost, and area to be <br />assessed. <br />(d) No other obligations of the City have been sold <br />Pursuant to a negotiated, non-public sale <br />within the twelve (12) calendar months <br />preceding May 1, 1988, which, when combined <br />with this issue and the City's $85,000 General <br />Obligation Equipment Certificates of 1988, <br />would exceed the $1,200,000 limitation on <br />negotiated sales provided by Minnesota <br />Statutes, Section 475.60, Subdivision 2(2). <br />(e) On April 18, 1988, the Council adopted <br />Resolution No. 88-16, which authorized the <br />issuance of the Bonds described below, and this <br />Resolution is intended to ratify and confirm <br />said prior Resolution and to set forth the <br />specific terms relating to said Bonds. <br />
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