HomeMy WebLinkAbout03-016 CITY OF LAKEVILLE
RESOLUTION
Date January 21, 2003 Resolution No. 03-16
Motion By Bellows Seconded By Rieb
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $14,660,000
GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES
2003A
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the City), as
follows:
SECTION 1. P ose. It is hereby determined to be in the best interests of the City to
issue its General. Obligation Street Reconstruction Bonds, Series 2003A, in the approximate
principal amount of $14,660,000 (the Bonds), pursuant to Minnesota Statutes, Section 475.58,
subdivision 3b, to finance the cost of street reconstruction projects, as described in the: street..
reconstruction plan adopted by this Council, :following a public hearing, on Decemberl6, 2002.
A petition requesting a vote on the question of issuing the Bonds, signed by voters equal to f ve
• percent of the votes cast in the last municipal general election, was not filed within;30 days of
the public hearing. Accordingly, the issuance of the Bonds is authorized without an election.
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 whick 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 21St day of January, 2003.
CITY OF MLLE
By:
u~~
ST• Robert D. John ,Mayor
• harlene Friedges, Cit erk