HomeMy WebLinkAbout18-055CITY OF LAKEVILLE
RESOLUTION NO. 18-55
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF
GENERAL OBLIGATION BONDS, SERIES 2018A
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the City), as
follows:
SECTION 1. PURPOSE. It is hereby determined to be in the best interests of the City to
issue its General Obligation Bonds, Series 2018A (the Bonds), pursuant to Minnesota Statutes,
Chapters 475, 444 and 429, and Section 475.58, Subd. 3(b), for the purpose of (i) financing various
street and utility improvement projects in the City (the Projects) and (ii) paying costs of issuing
the Bonds.
SECTION 2. TERMS OF PROPOSAL; SALE AND AWARD PARAMETERS.
Springsted Incorporated, municipal advisor to the City, has presented to this Council a form of
Terms of Proposal for the Bonds which is attached hereto and hereby approved and shall be placed
on file by the City Administrator. Each and all of the provisions of the Terms of Proposal are
hereby adopted as the terms and conditions of the Bonds and of the sale thereof, with such changes
thereto as the City Administrator shall approve. Springsted Incorporated is hereby authorized,
pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9), to solicit proposals
for the Bonds on behalf of the City on a competitive basis. The Mayor and the City Clerk, or the
City Administrator alone, or any one or more authorized designees, are hereby authorized to
approve the sale of the Bonds, on behalf of the City, in an aggregate principal amount not to exceed
$8,900,000, and to execute a bond purchase agreement (the Purchase Contract), on behalf of the
City, provided that the true interest cost of the Bonds to the City is less than or equal to 3.50% per
annum. The Bonds shall be sold to the purchaser in accordance with and upon the terms and
conditions set forth in the Purchase Contract and the resolution of this Council adopted in
accordance with Section 3.
SECTION 3. RATIFYING MEETING. This Council shall meet on July 2, 2018, for the
purpose of ratifying the execution of the Purchase Contract and the purchase of the Bonds and of
taking such action thereon as may be in the best interests of the City.
ADOPTED this 4th day of June 2018
CITY OF LAKEVILLE
By:
Do Blas P. Anderson, Mayor
ATT ST:
Z
Charlene Friedges, City C k