HomeMy WebLinkAbout78-019.
RESOLUTION 78-19
Councilperson Curry , introduced the
following resolution and moved its adoption:
RESOLUTION AUTHORIZING ISSUANCE
AND SALE OF $2,205,000 GENERAL
OBLIGATION REFUNDING BONDS OF 1978
BE IT RESOLVED by the City Council of the City of
Lakeville, Minnesota, as follows:
1. Authorizing of Bonds. The City presently has
outstanding $725,000 principal amount of bonds of an issue
of $805,000 Improvement Bonds of 1975 dated July 1, 1975,
maturing on January 1 in the years 1979 through 1996, which
bear interest to their maturity at a net average rate of %
per annum, and mature or are subject to redemption and pre-
payment on or before January 1, 1985. The City also presently
has outstanding $1,480,000 principal amount of bonds of an
issue of $1,560,000 Improvement Bonds of 1975 dated December
1, 1975, maturing on March 1 in the years 1979 through 1997,
which bear interest to maturity at a net average rate of %
per annum, and mature or.are subject to redemption and prepayment
on or before March 1, 1986. The City presently estimates that
it can reduce the net average interest rate on all such
indebtedness to %, thereby saving a substantial amount of
interest cost, by refunding such outstanding bonds in advance
of their maturity in accordance with Minnesota Statutes, Section
475.67; and the City hereby authorizes the issuance and sale
of $2,205,000 principal amount of general obligation refunding
bonds, the proceeds of which, together with other moneys of
the City, shall be used for this purpose, pursuant to Minnesota
Statutes, Section 475.52.
2. Terms of Bonds; Sale Meeting. Springsted Incorporated,
bond consultants to the City, have presented to this Council
forms of an Official Terms of Bond Sale, and a notice of sale
for publication, which are attached hereto, and which are hereby
approved and shall be placed on the file by the Clerk 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 this Council shall meet at the time
and place specified therein for the purpose of considering sealed
bids for the purchase of said bonds. Springsted Incorporated
is designated as agent of the City to receive and open bids for
the purchase of the bonds in accordance with the Official Terms
of Bond Sale, and the City Clerk -Administrator is authorized
and directed to attend the bid opening.
3. Publication of Notice. The Clerk -Administrator is
authorized and directed to cause the notice of sale to be published
0
once in the official newspaper, which is a legal newspaper
having a general circulation within the City, and once in
the Commercial West, a financial periodical published in
Minneapolis, both publications to be at least ten days
before the date of said meeting.
Mayor
Attest:
City Clerk -Administrator
The motion for the adoption of the foregoing
resolution was duly seconed by Councilperson Zaun
and upon vote being taken thereon, all present voted in favor
thereof, and none voted against the same, whereupon the
resolution was declared duly passed and adopted and was
approved and signed by the Mayor, whose signature was attested
by the City Clerk -Administrator.