Res 1998-18 00026
RESOLUTION NO. 18 - 1998
RESOLUTION INITIATING THE PROCESS FOR THE SALE OF THE
CITY'S GENERAL OBLIGATION WATER REVENUE REFUNDING
BONDS, SERIES 1998A
BE IT RESOLVED by the City Council (the "Council") of the City of
Fridley, Minnesota (the "City") , as follows:
1. The Council hereby finds and determines the following:
(a) The Council believes it to be in the City's best interest
to consider a crossover advance refunding of the City's General
Obligation Water Revenue Bonds, Series 1991A, dated January 1,
1991, issued in the original principal amount of $1, 615, 000 (the
"Prior Bonds") .
(b) The Prior Bonds are subject to prepayment on February 1,
2000, at the option of the City at the redemption price of par
plus accrued interest.
(c) The refunding of the 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.
(d) It is necessary and expedient to issue the City's General
Obligation Water Revenue Refunding Bonds, Series 1998A (the
"Bonds") , to provide moneys for a refunding of the Prior Bonds.
(e) The City has retained Springsted Incorporated, in Saint
Paul, Minnesota, 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) .
(f) It is necessary and desirable to the sound financial
management of the affairs of the City that the City issue the
Bonds pursuant to Minnesota Statutes, Section 475 . 67, in order
to provide financing for the refunding described above, and the
Council hereby states its intention to authorize and issue the
Bonds accordingly.
2 . The terms and conditions of the Bonds and the sale thereof
are set forth in the "Terms of Proposal" attached hereto, and the
Council shall meet at the time and place specified therein for the
purposes of opening and considering sealed bids for the purchase
of the Bonds and considering the award of sale of the Bonds.
00027
Page 2 -- Resolution No. 18 - 1998
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
16TH DAY OF MARCH, 1998.
CY J,// R NS - MAYOR
ATTEST: �/
A.M. a , 41,ff
WILLIAM A. CHAMPA - CI Y CLERK