RES 1994-89 - 00003124129
RESOLUTION N0. 89 - 1994
RESOLUTION INITIATING THE PROCESS FOR THE SALE OF THE CITY'S
$485,000 GENERAL OBLIGATION BONDS, SERIES 1994A
BE IT RESOLVED by the City Council of the City of Fridley, Minnesota, as
follows:
1. It is hereby determined:
(a) The City has duly ordered the making of and has undertaken or will
undertake, the assessable and other 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, Section 444.075 or Chapter
429, as the case may be.
(b) It is necessary and expedient to the sound financial management of
the affairs of the City that the City issue its general obligation
bonds pursuant to Minnesota Statutes, Section 444.075 and Chapters
429 and 475, to provide financing for the improvements.
(c) 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 $485,000 General Obligation Bonds, Series 1994A (the "Bonds "), to finance
the costs of and the Improvements.
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 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 17TH DAY OF
OCTOBER, 1994.
ATTEST:
WILLA
CHAMPA - CITY C ERK
WILLIAM V NEE - MAYOR