HomeMy WebLinkAbout93- 193 - ADMIN Resolution - City Council - 1993/12/06•
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RESOLUTION NO. 93- 19 3
RESOLUTION AUTHORIZING THE
SOLICITATION OF PROPOSALS FOR THE NEGOTIATED
SALE OF GENERAL OBLIGATION TAX INCREMENT
REFUNDING BONDS OF 1993
WHEREAS, the St. Louis Park Economic Development Authority (the "Authority")
issued its $6,000,000 original principal amount Tax Increment Revenue Refunding Bonds,
Series 1990 (the "1990 Bonds") which are subject to redemption at the option of the
Authority on September 1, 2001, in whole or in part, at a redemption price of par plus
accrued interest and a premium of 2% of the principal amount to be redeemed;
WHEREAS, the City of St. Louis Park, Minnesota (the "City") has determined that it
is in the best interest of the City to advance refund the 1990 Bonds from the proceeds of the
proposed issuance of the City's General Obligation Tax Increment Refunding Bonds of 1993
(the "Bonds");
WHEREAS, the City's Home Rule Charter (the "Charter") provides that in addition to
the power to borrow and issue bonds granted in the Charter, the City shall have the powers
granted to cities of its same class by the laws of the State of Minnesota;
WHEREAS, the City's Charter provides that the City may issue bonds to provide
funds for any public purpose not prohibited by law;
WHEREAS, Minnesota Statutes, Section 469.178, Subd. 2 authorizes the City to issue
general obligation bonds to Finance any expenditure by the municipality or an authority the
jurisdiction of which is wholly or partially within that municipality pursuant to Minnesota
Statutes Section 469.176, Subd. 4 in the same manner and subject only to the same conditions
as those provided in Minnesota Statutes Chapter 475 for bonds financing improvement costs
reimbursable from special assessments and authorizes the City to pledge tax increment
revenues for the payment of the principal of and interest on general obligation bonds issued
pursuant to such Minnesota Statutes Section 469.178, Subd. 2;
WHEREAS, the Authority is located wholly within the City;
WHEREAS, Minnesota Statutes Section 469.174, Subd. 3 defines "Bonds" to include
refunding bonds for the purpose of Minnesota Statutes Section 469.176, Subd. 4;
WHEREAS, Minnesota Statutes Section 475.67 authorizes the issuance of refunding
bonds;
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WHEREAS, the Authority used the proceeds of the 1990 Bonds to current refund
(within the meaning of the Internal Revenue Code of 1986, as amended) its $6,000,000 Tax
Increment Revenue Bonds, Series 1990 (the "Refund 1990 Bonds");
WHEREAS, the proceeds of the Refunded 1990 Bonds were used to finance public
redevelopment costs in a redevelopment project area within the meaning of Minnesota
Statutes Section 469.176, Subd. 4;
WHEREAS, Minnesota Statutes, Section 475.60 authorizes the City to negotiate the
sale of the Bonds if it has retained an independent financial advisor; and
WHEREAS, the City desires to solicit proposals for the purchase of the Bonds on a
negotiated basis;
NOW, THEREFORE, BE IT RESOLVED by the City Council (the "Council") of the
City as follows:
Section 1. Findings. The Council hereby finds and determines that (1) it is necessary
and in the best interests of the City to advance refund the 1990 Bonds from the proceeds of
the Bonds; (2) the issuance of the Bonds is a public purpose not prohibited by law within the
meaning of the City's Charter; and (3) Ehlers and Associates, Inc. is serving as financial
advisor to the City in connection with the proposed authorization, issuance and sale of the
Bonds and is an independent financial advisor pursuant to Minnesota Statutes, Section 475.60,
Subdivision 2, paragraph 9.
Section 2. Terms of Proposals. Ehlers and Associates, Inc., financial consultant to the
City, is hereby authorized to prepare and distribute the terms of proposal for the Bonds (the
"Terms of Proposal"), which Terms of Proposal shall be placed on file in the records of the
City by the City Clerk. Each and all of the Terms of Proposal are hereby adopted as the
terms and conditions of the Bonds and the sale of the Bonds. Ehlers and Associates, Inc., as
an independent financial advisor, pursuant to Minnesota Statutes, Section 475.60, Subdivision
2, paragraph (9), is hereby authorized to solicit proposals on behalf of the City pursuant to the
Terms of Proposal for the sale of the Bonds on a negotiated basis.
Section 3. Sale Meeting. The City Council of the City shall meet at its regularly
scheduled meeting at 7:30 P.M. on Monday, January 3, 1994 at City Hall for the purpose of
considering the proposals for the purchase of the Bonds received in response to the
solicitation of proposals, and of taking such action thereon as may be in the best interests of
the City. The City reserves the right to reject all proposals. The adoption of this resolution
and the solicitation of proposals pursuant to the Terms of Proposal shall not obligate the City
to issue the Bonds or impose any liability on the City in connection therewith.
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Section 4. Effective Date. This resolution shall become effective irnmediately upon
IIIadoption.
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City C1er
Reviewed for Administration:
BOND/22028677 12/6/93
Adopted by the City Council
December 6, 1993
ig.,444
Mayor
Approved as to Form and
Execution:
City AttAz-illittLetet-,d-ze„
orney
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