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HomeMy WebLinkAbout24-057 - ADMIN Resolution - City Council - 2024/05/06 Resolution No. 24-057 Providing for the issuance and sale of General Obligation Bonds, Series 2024A, in the approximate aggregate principal amount of $3,265,000 Whereas, pursuant to Section 6.15 of the charter (the “charter”) of the City of St. Louis Park, Minnesota (the “city”) 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; and Whereas, the city has determined to various capital projects including the improvement and reconstruction of Minnetonka Boulevard, the Local Street Rehab (area 2) Connect the Park project, and the Local Street Rehab (area 2) Living Streets project (collectively, the “capital projects”); and Whereas, the city proposes to issue its General Obligation Bonds, Series 2024A (the “bonds”), in the approximate aggregate principal amount of $3,265,000, pursuant to the city charter and the act, to provide financing for the capital projects; and Now therefore be it resolved by the city council of the City of St. Louis Park as follows: 1. The city council finds it necessary and expedient to the sound financial management of the affairs of the city that the city issue the bonds in the approximate aggregate principal amount of $3,265,000, pursuant to the city charter and the act, in order to provide financing for the capital projects. 2. 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. 3. Ehlers and 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 6:30 p.m. on Monday, June 3, 2024, to consider proposals on the bonds and take any other appropriate action with respect to the bonds. 4. 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 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. 5. In the resolution awarding the sale of the bonds, the city council will set forth the covenants and undertakings required by the act. 6. 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 DocuSign Envelope ID: F8F39AA0-3E48-4A9B-B03C-C5D802C07E82 preparation of an official statement for the bonds and to deliver it on behalf of the city upon its completion. 7. The Internal Revenue Service has issued Treas. Reg. § 1.150-2 (the “reimbursement regulations”) providing that proceeds of tax-exempt bonds used to reimburse prior expenditures will not be deemed spent unless certain requirements are met; the city expects to incur certain expenditures with respect to capital projects that may be financed temporarily from sources other than bonds, and reimbursed from the proceeds of tax-exempt bonds. The city hereby declares its intent to reimburse certain costs of the capital projects from proceeds of the bonds (the “declaration”). All reimbursed expenditures will be capital expenditures, costs of issuance of the bonds, or other expenditures eligible for reimbursement under Section 1.150-2(d)(3) of the reimbursement regulations. This declaration is an expression of the reasonable expectations of the city based on the facts and circumstances known to the city as of the date hereof. The anticipated original expenditures for the capital projects and the principal amount of the bonds described herein are consistent with the city’s budgetary and financial circumstances. No sources other than proceeds of the bonds to be issued by the city are, or are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside pursuant to the city’s budget or financial policies to pay such expenditures. This declaration is intended to constitute a declaration of official intent for purposes of the reimbursement regulations. The motion for the adoption of the foregoing resolution was duly seconded by city council member _________________________________________, and, after full discussion thereof and upon a vote being taken thereon, the following city council members voted in favor thereof: And the following city council members voted in opposition: Reviewed for administration: Adopted by the city council May 6, 2024 Kim Keller, city manager Nadia Mohamed, mayor Attest: Melissa Kennedy, city clerk DocuSign Envelope ID: F8F39AA0-3E48-4A9B-B03C-C5D802C07E82 Farris, Rog, Dumalag, Budd, Brausen, Baudhuin, Mayor Mohamed Baudhuin n/a