HomeMy WebLinkAbout98-147 - ADMIN Resolution - City Council - 1998/11/02RESOLUTION NO. 98- 9g-147
RESOLUTION PROVIDING FOR THE SALE OF AN ESTIMATED $4,305,000 IN
GENERAL OBLIGATION TAX INCREMENT BONDS OF ONE OR MORE
SERIES AND REFUNDING, CONVERSION OR PREPAYMENT OF CERTAIN
OUTSTANDING BONDS
WHEREAS, the City of St Louis Park, Minnesota (the "City") has heretofore issued its
$6,500,000 Variable Rate Demand General Obligation Tax Increment Bonds, Series 1985 (the
"Series 1985 Bonds") and its $2,100,000 Variable Rate Demand General Obligation
Redevelopment Bonds, Series 1987B (the "Series 1987 Bonds") (collectively referred to as the
"Prior Bonds"),
WHEREAS, the Series 1985 Bonds are subject to optional redemption or conversion to a
fixed rate and the Series 1987 Bonds are subject to conversion, and
WHEREAS, Council of the City hereby determines that it may be in the best interest of the
City to issue its general obligation tax increment bonds in an aggregate principal amount
estimated at $4,305,000 to refund all or a portion of the Prior Bonds, and
WHEREAS, the City has retained Ehlers & Associates, Inc ("Ehlers") as its independent
financial advisor and Briggs and Morgan, Professional Association ("Briggs") as bond counsel for
the proposed transactions and is therefore authorized to solicit proposals for the sale of the Bonds
in accordance with Minnesota Statutes, Section 475 60 Subd '2(9),
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St Louis Park,
Minnesota, as follows
1 Authorization, Findings The City hereby authorizes Ehlers to solicit proposals for the
sale of the Bonds as noted above and the refunding of all or a portion of the Prior Bonds The
City hereby authorizes Briggs to prepare all legal documentation
2 Meetings, Proposal Opening The City Council shall meet on a date to be determined for
the purpose of considering proposals for, and awarding the sale of the Bonds
3 Official Statement In connection with said sale of the Bonds or the remarketing of the
Prior Bonds, 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
said official statements on behalf of the City upon completion
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4 Effective Date This Resolution shall be effective immediately upon adoption.
Attest
CL -4-41-)C. Clerk
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Reviewed for Administration
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Adopted by the City Council November 2,1998
MAL, A 21,
ayor