HomeMy WebLinkAbout77-26Date: 26 'April, 1977
Motion By Mako
CITY OF LAKEVILLE
Resolution No. 77-26
Seconded by
RESOLUTION AUTHORIZING ISSUANCE
AND SALE OF $200,000 MUNICIPAL
LIQUOR DISPENSARY REVENUE BONDS
Clarkson
BE IT RESOLVED by the City Council of the City of
Lakeville, Minnesota, as follows:
Section 1. Authorization of Bonds.
1.01. Liquor Dispensary Improvements. The City
of Lakeville now owns and operates a Municipal Liquor
Dispensary selling liquor both off -sale and on -sale, as a
public revenue-producing convenience, pursuant to Minnesota
Statutes, Chapter 340. This Council has determined that it
is necessary for the City to provide for the acquisition and
betterment of additions and improvements to the Municipal
Liquor Dispensary atlan estimated construction cost of
approximately $250,000.
1.02. Existinq_Indebtedness and Liens. The City
now has outstanding $20,000 principal amount of Municipal
Liquor Revenue Bonds of 1961 dated October 1, 1961, herein-
after referred to as "the 1961 Bonds," payable as to both
principal and interest from the net revenues to be derived
from the operation of the Municipal Liquor Dispensary, and
constituting a first lien and charge on such net revenues.
1.03. Additional Bonds. It is -necessary and
expedient for the City to sell and issue its Liquor
Dispensary Revenue Bonds of 1977, in the principal amount of
$200,000, upon the terms -and conditions hereinafter set
forth, to finance a portion of the cost of such additions
and improvements; and to make the bonds payable solely from
the net revenues of the Municipal Liquor Dispensary on a
parity as to both principal and interest with the outstand-
ing 1961 Bonds, it being hereby found and determined that
the revenues to be derived from reasonable charges for the
services, products and by-products of said DispL-nsary during
the term of the 1961 Bonds will be more than ample to meet
all payments of principal and interest -on the 1961 Bonds and
the bonds herein authorized.
Section 2. Bond Terms; Notice of Sale.
Springsted Incorporated, bond consultants to the City, has
presented to this Council a form of Official Notice of Sale
for the bonds authorized in paragraph 1 to be sold and
issued, and a form of abbreviated notice of sale for publi-
cation, which notices are attached.hereto, and which are
hereby approved and shall be placed on file. Each and all
of the provisions of the Official Notice of 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 Clerk -Administrator is
authorized and directed to cause the abbreviated notice of
sale to be published -once in the official_ newspaper of the
City, and once in the Commercial west, a financial periodi-
cal published in Minneapolis, at least ten days before the
date of said meeting.
Section 3. Sale Meeting.
at the time and place specified in
Sale to receive,
action thereon as
the City.
Attest:
open and consider
is deemed to be i
The Council shall meet
the Official Notice of
the bids and take such
n the best interests of
or
istr or
"City Clerk-Admin