HomeMy WebLinkAbout06-233 CITY OF LAKEVILLE
RESOLUTION
06-233
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF TAXABLE GENERAL
OBLIGATION TAX INCREMENT. REFUNDING BONDS, SERIES 20070
BE IT RESOLVED by the City 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 Taxable General Obligation Tax Increment Refunding Bonds, Series 20070, in the
aggregate principal amount of $830,000 (the Bonds}, subject to adjustment in accordance with
the Terms of Proposal. The proceeds of the Bonds will be used, together with any additional
funds of the City which might be required, to refund in a current refunding, and prepay on
February 1, 2007, the 2008 through 2014 maturities, aggregating $800,000 in principal amount,
of the City's $1,415,000 Taxable General Obligation Tax Increment Bonds, Series 19950, dated
June 1, 1995.
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 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 advisor, pursuant to Minnesota
Statutes, Section 475.60,. Subdivision 2, paragraph (9} is hereby authorized to solicit bids 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 bids for the purchase of the Bonds and
of taking such action thereon as may be in the best interests of the City.
APPROVED AND ADOPTED this 18th day of December, 2006.
CITY OF VILLE
By:
Robert D. Johns ,Mayor
T ST:
.Charlene Friedges, City Cl