HomeMy WebLinkAbout03-017 CITY OF LAKEVILLE
RESOLUTION
Date January 21, 2003 Resolution No. 03-17
Motion By yellows Seconded By Rieb
RESOLUTION- AUTHORIZING ISSUANCE AND SALE OF $3,220,000
GENERAL OBLIGATION PARK REFUNDING BONDS, SERIES. 2003B
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the City), as
follows:
SECTION 1. Pu ose. It is hereby determined to be in the best interests of the City to issue
its General Obligation Park Refunding Bonds, Series 2003B, in the aggregate principal amount of
$3,220,000 (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 advance of maturity, on February 1, 2006, the 2007 through 2015 maturities,
aggregating $3,005,000 in principal amount, of the. City's $3,675,000 General .Obligation Parke
Bonds, Series 1994B, originally dated November 1, 1994, in a "crossover refunding" as defined in
• Minnesota Statutes, Section 475.67, subdivision 13.
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 salethereof.
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 215 day of January, 2003.
CITY OF LAKEVILLE
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ATT ST: ~r~ Robert D. John n, Mayor
harlene Friedges, City 1 rk