HomeMy WebLinkAbout97-50 - ADMIN Resolution - City Council - 1997/04/07f
RESOLUTION NO. 97-50
RESOLUTION AUTHORIZING THE NEGOTIATION OF RELATED SERVICES IN
CONNECTION WITH, AND PROVIDING FOR THE SALE OF
$13,000,000 TAXABLE GENERAL OBLIGATION
TAX INCREMENT BONDS SERIES 1997B
A. WHEREAS, the City Council (the "City Council") of the City of St. Louis Park,
Minnesota (the "City"), has heretofore determined that it is necessary and expedient to
issue up to $25,000,000 combination taxable and tax-exempt General Obligation Tax
Increment Bonds Series 1997; and
B. WHEREAS, the City Council has heretofore authorized the issuance of $7,000,000 tax-
exempt Fixed Rate General Obligation Tax Increment Bonds, Series 1997A (the "Series
1997A Bonds"); and
C. WHEREAS, the City Council now wishes to provide for the issuance of $13,000,000
taxable Variable Rate General Obligation Tax Increment Bonds, Series 1997B (the
"Bonds") and the retention of necessary related services in connection therewith; and
D. WHEREAS, the City has retained Ehlers and Associates, Inc in Minneapolis, Minnesota
("Ehlers"), as its independent financial advisor and Briggs and Morgan, P A. 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);
E. WHEREAS, Ehlers has solicited proposals for related services necessary in connection
with the issuance of the Bonds, including services of a remarketing agent and a liquidity
provider; and
F. WHEREAS, the Bonds cannot be issued at the same time as the Series 1997A Bonds for
federal tax purposes and the City Council desires to commit to the issuance of the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Louis Park,
Minnesota, as follows:
1. Findings The City hereby determines that it is in the best interest of the City to issue the
Bonds and commits to issuing the Bonds, subject to the adoption, at the sole discretion of
the City Council, of a final bond resolution providing for the terms of the Bonds and the
conditions of issuance of the Bonds
2. Appointments. Subject to negotiation of final agreements for the provision of such
services, FBS Investment Services, Inc. is hereby appointed underwriter for the initial
offering of the Bonds and, remarketing agent for the Bonds, and Norwest Bank
Minnesota, National Association _is hereby appointed to provide the liquidity facility.
3. Authorization'.•- tT1ie City hereby authorizes Ehlers to negotiate agreements with the parties
- , listed,above forsubmission to xhe City,Council for approval and to solicit proposals for
't the sale`ethe'Bonds as noted above. ''The City hereby authorizes Briggs and Morgan,
P.A. to prepare legal documents
4.. , Meetings: Proposal Opening The City Council shall meet on April 28, 1997 or on some
subsequent date for,"the purpose of, approving the agreements to be negotiated as set
forth above and providintfor the final terms of, and authorizing the Bonds.
5,. , 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.
6. Effective'Date. This Resolution shall be effective immediately upon adoption.
ATTEST:
City Clerk
REVIEWED FOR ADMINISTRATION:
A• •pted by the City Council April 7, 1997.
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