RES 1992-66 - 00003514179
RESOLUTION NO. 66 - 1992
RESOLUTION INITIATING THE PROCESS FOR THE SALE OF THE
CITY'S $855,000 GENERAL OBLIGATION IMPROVEMENT BONDS,
SERIES 1992A
BE IT RESOLVED by the City Council of the City of Fridley,
Minnesota, as follows:
1. It is hereby determined:
(a) The Council believes it to be in the City's best
interest to consider a refunding (the "Refunding ")
of the callable bonds of the City's General
Obligation Special Assessment Fund Bonds of 1980,
dated May 1, 1980, issued in the original principal
amount of $1,755,000 (the "Prior Bonds ").
(b) The Prior Bonds which mature after February 1, 1993,
are subject to prepayment on said date at the option
of the City at the redemption price of par plus
accrued interest.
(c) $200,000 is the aggregate principal amount of the
Prior Bonds which mature after February 1, 1993.
' (d) The refunding of the callable Prior Bonds is
consistent with covenants made with the holders
thereof and is necessary and desirable for and will
result in the reduction of debt service cost to the
City.
(e) The City has duly ordered the making of, and has
undertaken or will undertake, the assessable public
improvements listed in the attached Exhibit A (the
"Improvements ") within the City, pursuant to and in
full conformity with the Home Rule Charter of the
City and /or Minnesota Statutes, Chapter 429.
(f) It is necessary and expedient to the sound financial
management of the affairs of the City that the City
issue its bonds pursuant to Minnesota Statutes,
Chapters 429 and 475, to provide financing for the
Refunding and the Improvements.
(g) The City has retained Springsted Incorporated, in
Saint Paul, Minnesota ( "Springsted "), as its
independent financial advisor for the Bonds and is
therefore authorized to sell the Bonds by a
competitive negotiated sale in accordance with
Minnesota Statutes, Section 475.60, Subdivision 2
1 (9)
180
Page 2 - Resolution No. 66 - 1992
2. It is hereby found, determined and declared that the City
should issue its $855,000 General Obligation Improvement Bonds,
Series 1992A (the "Bonds "), to finance the costs of the Refunding
and the Improvements, and $9,405 of such amount shall represent
additional bonds issued pursuant to Minnesota Statutes, Section
475.56, as additional interest required to market the Bonds at this
time. $640,000 of the Bonds shall be for the Improvements and the
remaining $215,000 of the Bonds shall be for the Refunding.
3. The Council hereby authorizes Springsted to solicit bids
for the competitive negotiated sale of Bonds.
4. The terms and conditions of the Bonds and the sale
thereof are fully set forth in the "Terms of Proposal" attached
hereto as Exhibit B, and the Council shall meet at the time and
place specified therein for the purpose of considering the bids for
the purchase, and awarding the sale, of the Bonds.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
8TH DAY OF SEPTEMBER, 1992.
'ATTEST: WILLIAM J. NEE MAYOR
SHIRLEY A HAAPALA CITY CLERK
1