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HomeMy WebLinkAbout96-143 - ADMIN Resolution - City Council - 1996/09/16Resolution No. 96-143 Resolution Providing for the Sale of General Obligation Tax Increment Bonds, Series 1996 A Whereas, the City Council of the City of St. Louis Park, Minnesota, has heretofore determined that it is necessary and expedient to issue the City's General Obligation Tax Increment Bonds, Series 1996 (the "Bonds"), for the purpose of financing the Recreation Center expansion which includes an ice arena and an outdoor swimming pool/aquatic center; and, B Whereas, the City has retained Ehlers and Associates, Inc., in Minneapolis, Minnesota ("Ehlers"), as its independent financial advisor and Popham, Haik, Schnobrich and Kaufman, in Minneapolis, Minnesota as Bond Counsel for the Bonds and is therefore authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9), C Whereas, on July 15, 1996, the City Council of the City of St Louis Park adopted Resolution 96-109 entitled "Resolution Providing for the Sale of $7,895,000 General Obligation Tax Increment Bonds, Series 1996" and now desires to amend such Resolution as to the principal amount of the Bonds and the date of meeting to consider proposals for the purchase of such Bonds and to ratify and confirm such Resolution in all other respects; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Louis park, Minnesota, as follows. 1 Authorization Findings The City Council hereby authorizes Ehlers to solicit proposals for the sale of the Bonds and Popham, Haik, Schnobrich and Kaufman to prepare legal documents for the issuance of such Bonds in an aggregate principal amount currently estimated not to exceed $9,750,000 2 Meeting Proposal Opening The City Council shall meet on October 21, 1996 at 7 30 p.m. for the purpose of considering proposals for, and awarding the sale of the Bonds, provided, however, if for any reason the solicitation of proposals for the sales of Bonds is delayed, the City Council shall meet at any regularly scheduled meeting of the City Council thereafter, as set forth in the solicitation of proposals for the sale of such Bonds, to consider proposals for, and awarding the sale of, the Bonds 3 Official Statement In connection with said sale, the officers or employees of the City are hereby authorized to cooperate with Ehlers and participate in the preparation of an official statement for the Bonds and to execute and deliver it on behalf of the City upon its completion 4 Effective Date This Resolution shall be effective immediately upon adoption and shall amend Resolution No. 96-109, as set forth herein. Adopted by the City Council September 16, 1996 fiat:re Mayor ATTEST Reviewed for administration.