HomeMy Public PortalAbout2005-047 Resolution Providing for the Sale of General Obligation Tax Increment BondsMember Smith introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO. 2005-47
RESOLUTION PROVIDING FOR THE SALE OF $1,045,000 GENERAL
OBLIGATION TAX INCREMENT BONDS, SERIES 2005C
WHEREAS, the City Council of the City of Medina, Minnesota, has heretofore
determined that it is necessary and expedient to issue the City's $1,045,000 General
Obligation Tax Increment Bonds, Series 2005C (the "Series 2005 Bonds "), to finance
Sioux Drive, Mill Drive and related Storm Sewer improvements in the City; and
WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota
("Ehlers"), as its independent financial advisor for the Series 2005C Bonds and is
therefore authorized to solicit proposals in accordance with Minnesota Statutes,
Section 475.60, Subdivision 2(9);
NOW, THEREFORE, BE IT RESOLVED by the City Council of Medina, Minnesota,
as follows:
1. Authorization; Findings. The City Council hereby authorizes Ehlers to solicit
proposals for the sale of the Series 2005C Bonds.
2. Meeting; Proposal Opening. The City Council shall meet at 7:00 pm on September
20, 2005 for the purpose of considering sealed proposals for and awarding the sale of
the Series 2005C Bonds.
3. Official Statement. In connection with said sale, the officers or employees of the City
are hereby authorized to cooperate with Ehlers and participate in the preparation of an
official statement for the Series 2005C Bonds and to execute and deliver it on behalf
of the City upon its completion.
Dated: August 16, 2005
Brice D. `Workman, Mayor
Attest:
Chad M. Adams, City Administrator -Clerk
Resolution No. 2005-47
August 16, 2005
The motion for the adoption of the foregoing resolution was duly seconded by member
Cavanaugh upon vote being taken thereon, the following voted in favor thereof:
Brinkman, Workman, Cavanaugh, Smith
And the following voted against same: (Absent: Weir)
None
Whereupon said resolution was declared duly passed and adopted.
Resolution No. 2005-47
August 16, 2005