HomeMy WebLinkAbout05-177 CITY OF LAKEVILLE
RESOLUTION
Date October 17, 2.005 Resolution No, 05-177
Motion By Luck Seconded By wulf f
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $5,430,000
GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES
2005A
WHEREAS, the City Council, on June 7, 2005, adopted 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 2005A, in the aggregate principal amount of $5,430,000 (the
Bonds), pursuant to Minnesota Statutes, Section 475.58, Subdivision 3b and Chapter 475, to
finance various street reconstruction projects, including the 185th Street/Dodd Boulevard, Iteri
Avenue, and County Road 70 projects, in the City as described in the Street Reconstruction Plan;
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WHEREAS, pursuant to Minnesota Statutes, Section 475.58, Subdivision 3b the City has
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 October 17, 2005, 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 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 17t~' day of October,. 2005.
CITY OF LAKEVILLE,
By:
Robert D. Johns ,Mayor
ATTEST:
arlene Friedges, City e k
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