HomeMy WebLinkAbout97-04 - ADMIN Resolution - Economic Development Authority - 1997/03/03RESOLUTION NO. EDA- 97-04
RESOLUTION GIVING SUPPORT TO
THE CITY COUNCIL OF THE CITY OF ST. LOUIS PARK'S ADOPTION OF
RESOLUTION RESCINDING RESOLUTION NO. 97-9
ADOPTED ON FEBRUARY 3, 1997 AND PROVIDING FOR THE SALE OF UP TO
$25,000,000 COMBINATION TAXABLE AND TAX-EXEMPT GENERAL OBLIGATION
TAX INCREMENT BONDS SERIES 1997
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 RESCINDING RESOLUTION NO. 97-9
ADOPTED ON FEBRUARY 3, 1997 AND PROVIDING FOR THE SALE OF UP TO
$25,000,000 COMBINATION TAXABLE AND TAX-EXEMPT GENERAL OBLIGATION
TAX INCREMENT BONDS SERIES 1997
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 $25,000,000 combination taxable and tax-exempt
General Obligation Tax Increment Bonds Series 1997; and
B. WHEREAS, due to further analysis of a potential bond sale and changes in other circumstances, it
is necessary to rescind Resolution No. 97-9 adopted on February 3, 1997 and replace it with a new
resolution; and
C. WHEREAS, the City has retained Ehlers and Associates, Inc. in Minneapolis, Minnesota
(`Ehlers"), as its independent financial advisor and Briggs and Morgan, P.A. 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 1T RESOLVED by the City Council of the City of St. Louis Park, Minnesota,
as follows:
1. Resolution 97-9 adopted on February 3, 1997 is hereby rescinded.
2. Authorization: Findings. The City hereby authorizes Ehlers to solicit proposals for the sale of the
Bonds as noted above and Briggs and Morgan, P.A. to serve as Bond Counsel and to prepare legal
documents.
3. Meetings, Proposal Opening_ The City Council shall meet on April 7, 1997, for the purpose of
considering proposals for, and awarding the sale of, the Bonds.
4. Official Statement. In connection with said sale, the officers or employees of the City are hereby
authorized to cooperate with Ehlers and Briggs and Morgan, P.A. 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.
5. Effective Date. This Resolution shall be effective immediately upon adoption.
Adopted by the St. Louis Park Economic Development Authority
on March 3, 1997.
Its
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