HomeMy WebLinkAbout19-060CITY OF LAKEVILLE
RESOLUTION NO. 19-60
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF
GENERAL OBLIGATION BONDS, SERIES 2019A
BE IT RESOLVED by the City Council (the "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 2019A (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. Baker
Tilly Municipal Advisors, LLC, 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. Baker Tilly Municipal Advisors, LLC 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 $9,000,000, 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 2.75% 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 1, 2019, for the
purpose of ratifying the execution of the Purchase Contract and the sale of the Bonds and of taking
such action thereon as may be in the best interests of the City.
APPROVED this 3rd day of June 2019
CITY OF LAKEVILLE
By:
Douglas P. Anderson, Mayor
A
Charlene Friedges, City
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