HomeMy WebLinkAbout77-42RESOLUTION # 42
Councilmember Zaun introduced the following
resolution and moved its adoption:
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
$1,250,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1977
BE IT RESOLVED by the City Council of the City of
Lakeville, Minnesota, as follows:
1. There are presently outstanding $1,400,000
Temporary Improvement Bonds of 1975 of the City dated January
1, 1975, which mature on January 1, 1978. The City is required
to sell and issue definitive improvement bonds in an amount sufficient
to pay and redeem the Temporary Improvement Bonds 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 Improve-
ment Bonds. This Council determines that it is necessary to sell
and issue general obligation improvement bonds of the City in the
amount of $1,250,000 for this purpose.
2. Springsted Incorporated, bond consultants to the
City, has presented to this Council a form of Official Terms of
Bond Sale for the bonds authorized.in paragraph 1 to be sold and
issued and a form of Notice of Sale for publication, which
are attached hereto and shall be placed on file in the City Adminis-
trator. 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 said meeting.
3. This Council will receive, open and tabulate the
bids in accordance with the Notice of Sale at its meeting to
be held on Monday, August 15, 1977, and will take such action
thereon as is deemed in the best interests of the City.
Attest:
, ii ,, "�7 c
itV'Administrator
or
The motion for the adoption of the foregoing resolution
was duly seconded by Councilmember Curry , and upon
A
vote being taken thereon, the following voted in favor thereof:
All members present
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted,
and was signed by the Mayor and attested by the City Administrator.