HomeMy WebLinkAbout06-231 CITY OF LAKEVILLE
RESOLUTION
06-231
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF GENERAL
OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 2007A
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 General Obligation Tax Increment Refunding Bonds, Series 2007A, in the aggregate
principal amount of $2,280,004 (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 advance of maturity, and prepay on February 1, 2008,
the 2009 through 2022 maturities, aggregating $2,220,000 in principal amount, of the City's
$2,495,000 General Obligation Tax Increment Bonds, Series.1998A, dated May 1, 1998 in a
"crossover refunding" as defined in Minnesota Statutes, Section 475.67, Subdivision 13.
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 maybe in the best interests of the City.
APPROVED AND ADOPTED this 18~' day of December, 2006.
CITY OF AKEVILL
By:
Robert D. John n, Mayor
T:
Charlene Fried es, Cit C rk