HomeMy WebLinkAbout78-024:
Councilperson introduced the following
resolution and moved its adoption:
RESOLUTION PROV�IN FOR TI1F ISSUANCE
AND SALE OF $700,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1978
BE IT RESOLVED by the City Council of the City of
Lakeville, Minnesota, as follows:
1. Authorization of Bonds. There are presently
outstanding $905,000 principal amount of an issue of $945,000
General Obligation Temporary Improvement Bonds of 1975 of
the City dated July 1, 1975, which mature on July 1, 1978,
$40,000 principal amount of the bonds of said issue having
heretofore been paid by the City. The City is required to
sell and issue definitive improvement bonds in an amount
sufficient to pay and redeem the Temporary Improvement Bonds
of 1975 still outstanding and the interest coming due thereon
at maturity, insofar as such principal and interest cannot
be paid from special assessments levied and collected with
respect to the improvements financed by the Temporary Improvement
Bonds. This Council determines that it is necessary to sell
and issue general obligation Improvement Bonds of 1978 of the
City in the amount of $700,000 for this purpose.
2. Terms of Sale; Notice. Springsted Incorporated,
bond consultants to the City, has presented to this Council
a form of Official Terms of Bond Sale and a form of Notice
of Sale for publication, which are attached hereto and shall
be placed on file in the office of the City Administrator.
Each and all of the provisions of the Official Terms of Bond
Sale are hereby adopted as the terms and conditions of said
bonds and of the sale thereof, and shall be made available
to all prospective purchasers of the bonds. The City Administrator
is authorized and directed to cause the Notice of Sale to be
published once in the official newspaper of the City, and once
in the Commercial West, a financial periodical published in
Minneapolis, at least ten days before the date of sale.
3. Sale Date. This Council shall meet on Monday,
May 15, 1978, at 7:30 P.M., to receive, open and consider
bids received for the purchase of the bonds, and to take
such action thereon as is deemed in the best interests of
the City.
' ayor
Attest:
City Ad in strator