HomeMy WebLinkAbout19-025 - ADMIN Resolution - City Council - 2019/02/19
Resolution no. 19-025
Resolution providing for the issuance and sale of
general obligation charter bonds in the proposed
aggregate principal amount of approximately
$9,330,000
Be it resolved by the City Council of the City of St. Louis Park, Hennepin County,
Minnesota (the “City”) as follows:
1. Findings.
(a) Pursuant to Section 6.15 of the City Charter (the “Charter”) and
Minnesota Statutes, Chapter 475, as amended (the “Act”), the City is authorized to issue
general obligation bonds for any purpose permitted by state law upon a vote of at least
six (6) members of the City Council.
(b) The City has determined to finance the construction of projects related to
SWLRT, sidewalks, trails, and fiber extension and improvements to Cedar Lake Road in
the City (collectively, the “Capital Projects”).
(c) The City proposes to issue its general obligations in the approximate
aggregate principal amount of $9,330,000 (the “Charter Bonds”), pursuant to the City
Charter and the Act, to provide financing for the Capital Projects.
3. Sale of Charter Bonds.
(a) The City Council finds it necessary and expedient to the sound financial
management of the affairs of the City that the City issue its Charter Bonds in the
proposed aggregate principal amount of $9,330,000, pursuant to the City Charter and
the Act, in order to provide financing for the Capital Projects.
(b) The City is authorized by Section 475.60, subdivision 2(9) of the Act to
negotiate the sale of the Charter Bonds, it being determined that the City has retained
an independent municipal advisor in connection with such sale.
4. Authority of Municipal Advisor. Ehlers and Associates, Inc., the municipal
advisor to the City (the “Municipal Advisor”), is authorized and directed to negotiate the sale of
the Charter Bonds. The City Council will meet at 7:30 P.M. on Monday, March 18, 2019, to
consider proposals on the Charter Bonds and take any other appropriate action with respect to
the Charter Bonds.
5. Authority of Bond Counsel. The law firm of Kennedy & Graven, Chartered, as
bond counsel for the City, is authorized to act as bond counsel and to assist in the preparation
and review of necessary documents, certificates and instruments relating to the Charter Bonds.
DocuSign Envelope ID: AFF3E76E-FAB7-4C16-8B77-74E062DF6FC1
Resolution No. 19-025 2
The officers, employees and agents of the City are hereby authorized to assist Kennedy &
Graven, Chartered in the preparation of such documents, certificates, and instruments.
6. Covenants. In the resolution awarding the sale of the Charter Bonds, the City
Council will set forth the covenants and undertakings required by the Act.
7. Official Statement. In connection with the sale of the Charter Bonds, the
officers or employees of the City are authorized and directed to cooperate with the Municipal
Advisor and participate in the preparation of an official statement for the Charter Bonds and to
execute and deliver it on behalf of the City upon its completion.
The motion for the adoption of the foregoing resolution was duly seconded by City Council
Member Rachel Harris, and, after full discussion thereof and upon a vote being taken thereon,
the following City Council Members voted in favor thereof: Jake Spano, Tim Brausen, Steve
Hallfin, Anne Mavity, and Margaret Rog.
And the following City Council Members voted in opposition: None
Reviewed for Administration: Adopted by the City Council Feb. 19, 2019
Thomas K. Harmening, City Manager Jake Spano, Mayor
Attest:
Melissa Kennedy, City Clerk
DocuSign Envelope ID: AFF3E76E-FAB7-4C16-8B77-74E062DF6FC1