HomeMy WebLinkAbout06-232 CITY OF LAKEVILLE
RESOLUTION
06-232
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF GENERAL
OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2007B
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the City), as
follows:
SECTION 1. Pine. It is hereby determined to be in the best interests of the City to
issue its General Obligation Improvement Refunding Bonds,. Series 2007B, in the aggregate
principal amount of $3,200,000 (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:
(a) the 2008 through 2413 maturities, aggregating $1,710,000 in principal amount, of the
City's $4,450,000 General Obligation Improvement Bonds, Series 1995A, originally
dated June 1, 1995;
(b) the 2008 through 2016 maturities, aggregating $850,000 in principal amount, of the
City's $2,200,000 General Obligation Improvement Bonds, Series 1996B, originally
dated November 1, 1996, and
(c) the 2008 through 2010 maturities, aggregating $585,000 in principal amount, of the
City's $2,025,000 General Obligation Improvement Refunding Bonds, Series 1996C,
originally dated November 1, 1996.
.SECTION 2. Terms of Proposal. Springsted Incorporated, financial consultant 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 advisers, 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 maybe in the best interests of the City.
APPROVED AND ADOPTED this 18th day of December, 2006.
CITY OF KEVILL
By:
Robert D. John n, Mayor
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Charlene Friedges, City C1