HomeMy WebLinkAbout07-194 ;
CITY OF LAKEVILLE
RESOLUTION
Resolution No. 07-194
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF
$2,810,000 GENERAL OBLIGATION STREET RECONSTRUCTION
BONDS, SERIES 2007H
WHEREAS, the City Council, on April 16, 2007, adopted its S-Year Capital
Improvement Plan 2007-2011 which includes its Street Reconstruction Plan following published
notice and a public hearing, pursuant to Minnesota Statutes, Section 475.58, Subdivision 3b; and
WHEREAS, the City Council intends to issue its General Obligation Street
Reconstruction Bonds, Series 2007H, in the aggregate principal amount of $2,810,000 (the
Bonds), pursuant to Minnesota Statutes, Section 475.58, Subdivision 3b and Chapter 475, to
finance. the Ipava Avenue 175th to 185th street reconstruction project (the Project), in the City as
described in the Street Reconstruction Plan; and
WHEREAS, pursuant to Minnesota Statutes, Section 475.58, Subdivision 3b the City has
i published notice of its intent to issue the Bonds and the time. and date of the hearing to obtain
public comment on the matter at least ten (10) but not more than twenty-eight (28) days prior to
the date hereof; and
WHEREAS, the City has, on November 19, 2007, held a public hearing to obtain public
comment on its intent to issue the Bonds.
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota as follows:
SECTION 1: ISSUANCE OF BONDS AUTHORIZED. It is hereby determined to be in the
best interests of the City to issue the Bonds.
SECTION 2. TERMS OF PROPOSAL. Springsted Incorporated, financial 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 Clerk. 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. Springsted Incorporated, as independent financial advisers, pursuant to Minnesota
Statutes, Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit proposals
for the Bonds on behalf of the City on a negotiated basis.
SECTION 3. SALE MEETING. This Council shall meet at the time and place shown in the
Terms of Proposal, for the purpose of considering sealed proposals for the purchase of the Bonds
and of taking such action thereon as maybe in the best interests of the City.
APPROVED AND ADAPTED this 19th day of November, 2007.
CITY C?F LAKEVILLE,
'l
1
By:
1y Dah , y r
A 'VEST:
Charlene Friedges, C' Clerk