HomeMy Public PortalAbout2011-036 Resolution Providing for Sale of Approx. $510,000 General Obligation BondsMember Weir introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO.2011-36
RESOLUTION PROVIDING FOR THE SALE OF APPROXIMATELY
$510,000 GENERAL OBLIGATION BONDS, SERIES 2011A
AND
$1,065,000 TAXABLE GENERAL OBLIGATION IMPROVEMENT BONDS,
SERIES 2011B
WHEREAS, the City Council of the City of Medina, Minnesota, has heretofore
determined that it is necessary and expedient to issue approximately $510,000 General
Obligation Bonds, Series 2011 A (the "2011 A Bonds"), to finance the Hunter Drive South
Improvements in the City and to finance the acquisition of equipment for the City; and
WHEREAS, the City Council of the City of Medina, Minnesota, has heretofore
determined that it is necessary and expedient to issue approximately $1,065,000 in Taxable
General Obligation Improvement Bonds, Series 2011 B (the "2011 B Bonds"), to finance the
Hunter Drive North Improvements in the City; and
WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota
("Ehlers"), as its independent financial advisor for the 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 the City of Medina,
Minnesota, as follows:
1. Authorization; Findings. The City Council hereby authorizes Ehlers to solicit
proposals for the sale of the Bonds.
2. Meeting; Proposal Opening. The City Council shall meet at 7:00 p.m. on June 7,
2011, for the purpose of considering sealed proposals for and awarding the sale of the
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 Bonds and to execute and deliver it on behalf of the City
upon its completion.
Dated: May 3, 2011.
Resolution No. 2011-36
May 3, 2011
T.M. Crosby, Jr., May
ATTEST:
Chad M. Adams, City Administrator - Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Pederson and upon vote being taken thereon, the following voted in favor thereof:
Crosby, Martinson, Pederson, Weir
And the following voted against same: (Absent: Siitari)
Whereupon said resolution was declared duly passed and adopted.
Resolution No. 2011-36
May 3, 2011