HomeMy WebLinkAbout97-03 - ADMIN Resolution - Economic Development Authority - 1997/02/03RESOLUTION NO. EDA -97-03
RESOLUTION GIVING SUPPORT TO
THE CITY COUNCIL OF THE CITY OF ST LOUIS PARK'S ADOPTION OF
A RESOLUTION PROVIDING FOR THE SALE OF UP TO
$22,000,000 IN GENERAL OBLIGATION TAX INCREMENT BONDS AND UP TO
$12,000,000 FORWARD COMMITMENT GENERAL OBLIGATION REVENUE BONDS
BE IT RESOLVED, that the St. Louis Park Economic Development Authority gives its support to the
adoption of the following resolution by the City Council of the City of St. Louis Park:
RESOLUTION PROVIDING FOR THE SALE OF UP TO
$22,000,000 IN GENERAL OBLIGATION TAX INCREMENT BONDS AND UP TO
$12,000,000 FORWARD COMMITMENT GENERAL OBLIGATION REVENUE BONDS
A. WHEREAS, the City Council of the City of St. Louis Park, Minnesota, has heretofore determined
that it is necessary and expedient to issue up to $22 million in General Obligation Tax Increment
Bonds and up to $12 million Forward Commitment General Obligation Revenue Bonds
(collectively the "Bonds'); and
B. WHEREAS, the City has retained Ehlers and Associates, Inc. in Minneapolis, Minnesota
(`Ehlers'), as its independent financial advisor and Popham, Haik, Schnobrich & Kaufman, Ltd.,
in Minneapolis, Minnesota as Bond Counsel for the Bonds and is therefore authorized to solicit
proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9);
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Louis Park, Minnesota,
as follows:
Authorization: Findings. The City hereby authorizes Ehlers to solicit proposals for the sale of the
Bonds as noted above and Popham, Haik, Schnobrich & Kaufman, Ltd. to prepare legal documents.
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, 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 it on behalf of the City upon its completion.
4. Effective Date. This Resolution shall be effective immediately upon adoption.
Adopted by the St. Louis Pa E7Fonoryyc Development Authority
on February 3, 1997. 7 " ��
Its
ATTEST:
is Executive Dirk or
9141RES10