HomeMy Public PortalAbout1994-014i
Extract of Minutes of Meeting
of the City Council of the City
of Medina, Hennepin County, Minnesota
Pursuant to due call and notice thereof a regular meeting of the City Council
of the City of Medina, Hennepin County, Minnesota, was held at the City Hall in the
City on Tuesday, March 15, 1994, commencing at 7 : 30 o'clock P.M.
The following members of the Council were present:
John Ferris, James Johnson, Ann Thies, Philip Zietlow and Mayor Anne Theis.
and the following were absent: none.
* * * * * * * * *
The following resolution was presented by Councilmember Zietlow who
moved its adoption:
RESOLUTION NO. 94-14
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
$1, 000, 000 GENERAL OBLIGATION IMPROVEMENT
BONDS, SERIES 1994
BE IT RESOLVED By the City Council of the City of Medina
Hennepin County, Minnesota (City) as follows:
1. It is hereby determined that:
(a) the following assessable public improvements ( the Improvements)
have been made, duly ordered or contracts let for the construction thereof,
by the City pursuant to the provisions of Minnesota Statutes, Chapter 429
(Act) ;
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Project Designation & Description:
Total
Project Cost
Medina Road (Assessed Costs)
Center Section
West Section
$180,492
177,000
$357,492
County Road 116 Water & Sewer
Construction
Engineering & Legal
$462, 000
138,600
$600,000
Subtotal
$957,492
Legal, Fiscal, Administrative
11,000
Capitalized Interest (6 months)
Less: Investment Interest
(5,000)
Net to Finance
$998,492
TOTAL BONDS
$1,000,000
(b) it is necessary and expedient to the sound financial management
of the affairs of the City to issue $1,000,000 General Obligation Improvement
Bonds, Series 1994 (Bonds) pursuant to the Act to provide financing for the
Improvements.
2. To provide financing for the Improvements, the City will issue and sell
Bonds in the amount of $990, 000. To provide in part the additional interest required
to market the Bonds at this time, additional Bonds will be issued in the amount of
$10,000. The excess of the purchase price of the Bonds over the sum of $990,000
will be credited to the debt service fund for the Bonds for the purpose of paying
interest first coming due on the additional Bonds. The Bonds will be issued, sold
and delivered in accordance with the terms of an Official Statement and Terms of
Proposal to be prepared by Public Financial Management, Inc.
3. Public Financial Management, Inc. is authorized and directed to
negotiate the sale of the Bonds on behalf of the City. The City Council will meet at
7:30 o'clock P.M. on Tuesday, April 5, 1994, to consider proposals on the Bonds and
take any other appropriate action with respect to the Bonds.
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember Ferris , and upon vote being taken thereon the following
members voted in favor of the motion:
Ferris, Johnson, Thies, Zietlow and Mayor Theis.
and the following voted against: none.
whereupon the resolution was declared duly passed and adopted.
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