RES 1992-67 - 00003516181
RESOLUTION NO. 67 - 1992
RESOLUTION INITIATING THE PROCESS FOR THE SALE OF THE
CITY'S $620,000 GENERAL OBLIGATION WATER REVENUE BONDS,
SERIES 1992B
BE IT RESOLVED by the City Council of the City of Fridley,
Minnesota, as follows:
1. It is hereby determined:
(a) That the City has duly ordered the making of, and
has undertaken or will undertake, the following
public improvements to the City's Municipal water
system (the "Improvements ") within the City,
pursuant to and in full conformity with the Home
Rule Charter of the City and /or Minnesota Statutes,
Section 444.075:
Locke Filters $300,000
Telemetry System 300,000
Allowance for Discount 8,060
Insurance Costs 15,250
Less Investment Earnings (3,310)
(c) That 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
(9)
2. It is hereby found, determined and declared that the City
should issue its $620,000 General Obligation Water Revenue Bonds,
Series 1992B (the "Bonds "), to finance the costs of the
Improvements, and $8,060 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.
3. The Council hereby authorizes Springsted to solicit bids
for the competitive negotiated sale of the Bonds.
' 4. The terms and conditions of the Bonds and the sales
thereof are fully set forth in the "Terms of Proposal" attached
hereto as Exhibit A, and the Council shall meet at the time and
Total
$620,000
'
(b) That 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,
Section 444.075
and Chapter
475, to
provide financing
for the Improvements.
(c) That 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
(9)
2. It is hereby found, determined and declared that the City
should issue its $620,000 General Obligation Water Revenue Bonds,
Series 1992B (the "Bonds "), to finance the costs of the
Improvements, and $8,060 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.
3. The Council hereby authorizes Springsted to solicit bids
for the competitive negotiated sale of the Bonds.
' 4. The terms and conditions of the Bonds and the sales
thereof are fully set forth in the "Terms of Proposal" attached
hereto as Exhibit A, and the Council shall meet at the time and
Page 2 -- Resolution No. 67 - 1992
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.
j'—
WILLIAM J. NE - MAYOR
ATTEST:
SHIRLEY A HAAPALA -j ITY CLERK