HomeMy WebLinkAbout18-061 - ADMIN Resolution - City Council - 2018/04/16Extract of Minutes of Meeting
of the City Council of the City OF
St. Louis Park, Hennepin County;.Minnesota
Pursuant to due call and notice thereof a regular meeting of the City Council of the City of St.
Louis Park, Minnesota, was held at the City Hall in the City on Monday, April 16, 2018, commencing at
7:30 P.M.
The following members of the Council were present; 8ou6et4}A-{kLLF1Nt 5
M.AVI-cY, M►�LC�IZ, YLbf�� 6i�flN0 ,
and the following were absent:
Member .presented the following written resolution, the reading of which was
dispensed with by unanimous consent, and moved its adoption:
RESOLUTION NO. 18-061
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF GENERAL OBLIGATION BONDS,
SERIES 2018A, IN THE PROPOSED AGGREGATE
PRINCIPAL AMOUNT OF $8,800,000
BE IT RESOLVED By the City Council of the City of St. Louis Park, Hennepin
County, Minnesota (the "City") as follows:
Charter Bonds.
(a) Pursuant to Section 6.15 of the City Charter (the "Charter") and
Minnesota Statutes, Chapter 475, as amended (the "Municipal Debt 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
sidewalks, trails, fiber extension, and softball fields in the City (collectively, the "Capital
Projects").
(c) It is necessary and expedient to the sound financial management of the
affairs of the City to issue its general obligations in the approximate aggregate principal
amount of $2,020,000 (the "Charter Bonds"), pursuant to the City Charter and the
Municipal Debt Act, to provide financing for the Capital Projects.
2. Utility Revenue Bonds.
(a) The City engineer has recommended the construction of various
improvements to the City's water and sewer systems, including improvements to
the water treatment plant filter #4, water rehabilitation and infrastructure projects, and
sanitary sewer capital projects (collectively, the "Utility Improvements"), pursuant to
Minnesota Statutes, Chapters 444 and 475, as amended (collectively, the "Utility
Revenue Act").
(b) It is necessary and expedient to the sound financial management of the
affairs of the City to issue general obligations in the approximate aggregate principal
amount of $6,780,000 (the "Utility Revenue Bonds"), pursuant to the Utility Revenue
Act, to provide financing for the Utility Improvements.
Sale of 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 General Obligation Bonds,
Series 2018A (the "Bonds"), in the proposed aggregate principal amount of $8,800,000,
pursuant to the Municipal Debt Act and the Utility Revenue Act (together, the "Act")
and the City Charter, in order to provide financing for the Capital Projects and the
Utility Improvements.
Resolution No. 18-061 2
(b) The City is authorized by Section 475.60, subdivision 2(9) of the Act to
negotiate the sale of the Bonds, it being determined that the City has retained an
independent municipal advisor in connection with such sale.
4. Authority of Municipal Advisor. Ehlers & Associates, Inc., the municipal
advisor to the City (the "Municipal Advisor"), is authorized and directed to negotiate the
sale of the Bonds. The City Council will meet at 7:30 P.M. on Monday, May 21, 2018, to
consider proposals on the Bonds and take any other appropriate action with respect to the
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 Bonds. 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 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 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 Bonds and to execute and
deliver it on behalf of the City upon its completion.
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Resolution No. 18-061
The motion for the adoption of the foregoing resolution was duly seconded by City
Council MemberM%LLeR, and, after full discussion thereof and upon a vote being
talcenctkereon, the following City Council Members voted in favor thereof: 16PAudEN, iAALLFIN,
HhR 1 MAVJ-T` , tM1LLER, P%OCII 154P/}ND
Revie for Administration: Adopted by the City Council April 16, 2018
Thomas K. a en City Manager Jae p ayor
Atte-0, rmnmw
SEAL
Resolution No. 18-061 4
STATE OF MINNESOTA )
COUNTY OF HENNEPIN )
CITY OF ST. LOUIS PARK )
I, the undersigned, being the duly qualified City Clerk of the City of St. Louis Park,
Minnesota (the "City"), hereby certify that I have carefully compared the attached and foregoing
extract of minutes of a regular meeting of the City Council of the City held on Monday, April
16, 2018, with the original minutes on file in my office and the extract is a full, true and correct
copy of the minutes, insofar as they relate to the issuance and sale of the City's General
Obligation Bonds, Series 2018A, in the proposed aggregate principal amount of $8,800,000.
WITNESS My hand as City Clerk and the corporate seal of the City this -+h
day of , 2018.
Mehs a Keine y, C ty Clerk
City o t. Louis Park, inn ota
.000I!!r