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HomeMy Public PortalAbout2023-95 Reso Medina GO Imp Bond 23A AuthorizingResolution 2023-95 September 19, 2023 1 Member DesLauriers introduced the following resolution and moved its adoption. CITY Of MEDINA RESOLUTION NO. 2023-95 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2023A, IN THE PROPOSED AGGREGATE PRINCIPAL AMOUNT OF $2,215,000 BE IT RESOLVED, By the City Council of the City of Medina, Minnesota (the “City”), as follows: Section 1. Authorization. (a) Certain assessable public improvements within the City (the “Improvements”) have been made, duly ordered or contracts let for the construction thereof pursuant to the provisions of Minnesota Statutes, Chapters 429 and 475, as amended (the “Act”). (b) The City Council finds it necessary and expedient to the sound financial management of the City to issue its General Obligation Improvement Bonds, Series 2023A (the “Bonds”), in the proposed aggregate principal amount of $2,215,000, pursuant to the Act, to provide financing for the Improvements. (b) The City is authorized by Section 475.60, subdivision 2(9) of the Act to negotiate the sale of the Bonds, it being determined that the City has retained an independent municipal advisor in connection with such sale. The actions of the City staff and the City’s municipal advisor in negotiating the sale of the Bonds are ratified and confirmed in all respects. Section 2. Sale of Bonds. To provide funds to finance the Improvements, the City will therefore issue and sell the Bonds in the proposed aggregate principal amount of $2,215,000. The principal amount of the Bonds is subject to adjustment in accordance with the official Terms of Proposal to be prepared in connection with the offering and the sale of the Bonds. Section 3. Authority of Municipal Advisor. Ehlers and Associates, Inc. (the “Municipal Advisor”) is authorized and directed to negotiate the sale of the Bonds. The City Council will meet on Tuesday, October 17, 2023, or another date selected by City staff, to consider proposals on the Bonds and take any other appropriate action with respect to the Bonds. Section 4. Authority of Bond Counsel. The law firm of Kennedy & Graven, Chartered, as bond counsel for the City (“Bond Counsel”), is authorized to act as bond counsel and to assist in the preparation and review of necessary documents, certificates and instruments relating to the Resolution 2023-95 September 19, 2023 2 Bonds. The officers, employees and agents of the City are hereby authorized to assist Bond Counsel in the preparation of such documents, certificates, and instruments. Section 5. Covenants. In the resolution awarding the sale of the Bonds, the City Council will set forth the covenants and undertakings required by the Act. Section 6. Official Statement. In connection with the sale of the Bonds, the officers or employees of the City are authorized and directed to cooperate with the Municipal Advisor and participate in the preparation of an official statement for the Bonds and to deliver it on behalf of the City upon its completion. Section 7. Reimbursement. The City has or may have incurred certain expenditures with respect to the Improvements that were financed temporarily from other sources but are expected to be reimbursed with proceeds of the Bonds. The City hereby declares its intent to reimburse certain costs of the Improvements from proceeds of the Bonds (the “Declaration”). This Declaration is intended to constitute a declaration of official intent for purposes of the Section 1.150-2 of the Treasury Regulations promulgated under the Code. Dated: September 19, 2023. __________________________________ Kathleen Martin, Mayor ATTEST: ________________________________ Caitlyn Walker, City Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Reid and upon vote being taken thereon, the following voted in favor thereof: Albers, Cavanaugh, DesLauriers, Martin, Reid And the following voted against same: None Whereupon said resolution was declared duly passed and adopted.