HomeMy WebLinkAbout93-61 - ADMIN Resolution - City Council - 1993/06/07r
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RESOLUTION NO. 93-61
RESOLUTION AUTHORIZING THE
SOLICITATION OF PROPOSALS FOR THE NEGOTIATED
SALE OF GENERAL OBLIGATION IMPROVEMENT
REFUNDING BONDS OF 1993
WHEREAS, the City of St. Louis Park, Minnesota (the
"City") issued its $5,500,000 original principal amount General
Obligation Improvement Bonds of 1983 (the "1983 Bonds") which
are subject to redemption at the option of the City on June 1,
1995 or any December 1 or June 1 thereafter in inverse numerical
order at the option of the City at a redemption price of par
plus accrued interest;
WHEREAS, the City has determined that it is in the best
interest of the City to crossover advance refund the 1983 Bonds
from the proceeds of the proposed issuance of the City's General
Obligation Improvement 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 475.67 authorizes the
City to issue refunding bonds and specifically authorizes
crossover advance refunding bonds;
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 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 crossover advance refund the 1983 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 Meetina. The City Council of the City
shall meet at its regularly scheduled meeting at 7:30 P.M. on
Monday, June 21, 1993 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.
Section 4. Effective Date. This resolution shall become
effective immediately upon adoption.
Reviewed for Administration:
4,444(/
ty Manager
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Adopted by the City Council
June 7, 1993
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Mayor
Approved as to Form and
Execution:
City Attorney