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HomeMy WebLinkAbout93-215 - ADMIN Resolution - City Council - 1993/12/20RESOLUTION NO, 93- 215 RESOLUTION AUTHORIZING THE SOLICITATION OF PROPOSALS FOR THE NEGOTIATED SALE OF GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS OF 1993 AND RESCINDING RESOLUTION NO. 93-193 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 arc 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 "Charier") 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; BOND27028677/03837.379 12/14193 bonds: WHEREAS. Minnesota Statutes Section 475.67 authorizes the issuance of refunding 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 $6,0(X),0()0 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; WHEREAS, the City demi es to solicit proposals for the purchase of the Bonds on a negotiated basis; WHEREAS, the city Council (the "Council") of the City adopted Resolution 93-193 on December 6, 1993 which resolution provided for a bond sale meeting on January 3, 1993; and WHEREAS. the Council noxi desires to provide for a bond sale meeting on that day or such later regular or duly called special meeting of the Council as may be determined by the City Manager. 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 (I) 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 and any supplements or amendments thereto 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 BOND/22028677/03857.379 2 12/14/93 up Bonds on a negotiated basis. The Terms of Proposal may specify a proposed sale meeting of this Council on either January 3. 1994 or January 17, 1994. Section 3. Sale Meeting. The City Council of the City shall meet at City Hall at its regularly scheduled meeting at 7:30 P.M. on Monday, January 3, 1994, or such later regularly scheduled meeting or duly called special meeting of the Council as the City Manager shall determine and as set forth in the Terms of Proposal, 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. Section 4. Rescission of Resolution 93-193. Resolution 93-193 previously adopted by this Council on December 6, 1993 is hereby rescinded, is of no further force or effect and is replaced by this resolution. - Section 5. Effective Date This resolution shall become effective immediately upon adoption. Attest: City Clcr� Reviewed for Administration: BUN D22028677103 857.179 Adopted by the City Council December 20, 1993 6.) • /44,4 -4 -- Mayor Approved as to Form and Execution: faata ta Aet City Attorney 3 12/14/93