HomeMy WebLinkAbout85-245 - ADMIN Resolution - City Council - 1985/12/31RESOLUTION NO. 85-245
RESOLUTION GIVING PRELIMINARY APPROVAL
TO THE ISSUANCE OF BONDS PURSUANT TO
MINNESOTA SESSION LAWS, Ch. 1 Sp. 14, Art. 8, Sec. 49
WHEREAS, the City of Saint Louis Park (the "City") has established a pension/
retirement fund for its fire/police department employees (the "Fund") pursuant to
Minnesota Statutes, Chapter 356, as amended; and
WHEREAS, the City has current and future unfunded liability for deposits to the
Fund; and
WHEREAS, the Legislature of the State of Minnesota has determined that the
City may issue bonds for the purpose of funding all or part of the City's current and
future unfunded liability for the Fund by purchasing one or more insurance policies or
annuity contracts to pay all or a specified part of the liability within the period
required by law; and
WHEREAS, the Legislature has codified the determination in Minnesota Session
Laws, Ch. 1 Sp. 14, Art. 8, Sec. 49 (the "Statute"); and
WHEREAS, Miller & Schroeder Financial, Inc. ("M&S") has indicated its willing-
ness to assist the City in the issuance of the referenced bonds; and
WHEREAS, the City has determined that it is within its best interest to issue
bonds pursuant to the Statute and to use the proceeds to purchase one or more
insurance policies or annuity contracts to pay all or a portion of its unfunded liability
for the Fund.
so NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SAINT LOUIS PARK THAT:
1. The City gives preliminary approval to the issuance of Bonds pursuant
to the statute for the purpose of purchasing one or more insurance
policies of annuity contracts to pay all or a portion of its unfunded
liability for the Fund.
2. The bonds shall be issued in accordance with all the terms and
conditions of Minnesota Statutes, chapter 475, as amended.
3. The brokerage firm of Miller do Schroeder Financial, Inc. is hereby
employed to act as underwriter to the City in connection with the
issuance of the referenced bonds.
Adopted by the Saint Louis Park City Council this 31st day of
December ,1985.
Jv
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Mayor
eviewed for administration
y anager
Approved
as to form and legality:
orney