HomeMy WebLinkAbout21-021 - ADMIN Resolution - City Council - 2021/02/16Resolution No. 21-021
Resolution providing for the issuance and sale of
general obligation charter bonds in the approximate aggregate
principal amount of $12,385,000
Be it resolved by the City Council (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 various park improvements, the City’s
2021 pavement management projects, and the construction of the Louisiana Avenue
Bridge and Beltline pedestrian improvements (collectively, the “Capital Projects”).
(c) The City proposes to issue its general obligations in the approximate
aggregate principal amount of $12,385,000 (the “Charter Bonds”), pursuant to the City
Charter and the Act, to provide financing for the Capital Projects.
2. 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
approximate aggregate principal amount of $12,385,000, 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.
3. 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 6:30 P.M. on Monday, March 15, 2021, to consider
proposals on the Charter Bonds and take any other appropriate action with respect to the
Charter Bonds.
4. Authority of Bond Counsel. The law firm of Kennedy & Graven, Chartered, as
bond counsel for the City (“Bond Counsel”), 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. The officers, employees and agents of the City are hereby authorized to
assist Bond Counsel in the preparation of such documents, certificates, and instruments.
DocuSign Envelope ID: AA66C092-9C17-40F6-94FC-8647D0BA46AB
Resolution No. 21-021 2
5. 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.
6. 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 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, Larry Kraft, Nadia
Mohamed, Margaret Rog, Lynette Dumalag, Rachel Harris, and Tim Brausen
And the following City Council Members voted in opposition: None
Reviewed for Administration: Adopted by the City Council February 16, 2021
Thomas K. Harmening, city manager Jake Spano, mayor
Attest:
Melissa Kennedy, city clerk
DocuSign Envelope ID: AA66C092-9C17-40F6-94FC-8647D0BA46AB