HomeMy Public PortalAbout2008-018 Resolution Providing of Sale of General Obligation BondsCouncil Member Smith introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO.2008-18
Resolution Providing for the Sale of
$2,475,000 General Obligation Bonds, Series 2008A
WHEREAS, the City Council of the City of Medina, Minnesota, has heretofore
determined that it is necessary and expedient to issue the City's $2,475,000 General Obligation
Bonds, Series 2008A (the "Series 2008 Bonds "), to finance Hamel Road and related
infrastructure 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 2008A 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 2008A Bonds.
2. Meeting., Proposal Opening. The City Council shall meet at 7:00 pm on May 20, 2008 for the
purpose of considering sealed proposals for and awarding the sale of the Series 2008A 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 2008A Bonds and to execute and deliver it on behalf of the City upon
its completion.
Dated: April 15, 2008.
T.M. Crosby, Jr., Ma or
ATTES
Chad M. Adams, City Administrator -Clerk
The motion for the adoption of the foregoing resolution was duly seconded .by member Weir and
upon vote being taken thereon, the following voted in favor thereof
Crosby, Smith, Weir
and the following voted against same: (Absent: Johnson) (Abstained: Cavanaugh)
None
Whereupon said resolution was declared duly passed and adopted.
h
Resolution No. 2008-18
April 15, 2008
land acquisition, site preparation, and similar costs incident to commencement of construction.
4. This Declaration is an expression of the reasonable expectations of the City based on
the facts and circumstances known to the City as of the date hereof. The anticipated original
expenditures for the Project and the principal amount of the tax-exempt obligations described in
paragraph 2 are consistent with the City's budgetary and financial circumstances.
5. This Declaration is intended to constitute a declaration of official intent for purposes
of the Reimbursement Regulations.
Dated: April 15, 2008
T.M. Crosby, Jr., M
Attest:
Chad M. Adams, City Administrator - Clerk
y
The motion for the adoption of the foregoing resolution was duly seconded by member Weir upon
vote being taken thereon, the following voted in favor thereof:
Crosby, Smith, Weir
and the following voted against same: (Absent: Johnson) (Abstained: Cavanaugh)
None
Whereupon said resolution was declared duly passed and adopted.
Resolution No. 2008-19 2
April 15, 2008