Res 1997-29 RESOLUTION NO. 29 - 1997 OCOC '$
RESOLUTION INITIATING THE PROCESS FOR THE SALE OF THE CITY'S
$9,575,000 GENERAL OBLIGATION WATER REVENUE REFUNDING BONDS,
SERIES 1997B
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 Bonds, Series 1997B (the "Bonds") , to
provide moneys for refunding of the Prior Bonds. The necessary
principal amount of the Bonds is currently estimated to be
$1, 175, 000, but in offering the Bonds for sale, the City will
reserve the right to increase or decrease the amount of the Bonds
by not more than $25, 000, and accordingly the maximum principal
amount of the Bonds would be $1, 2000, 000.
(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 465. 67, in order to provide
financing for the refunding described above, and 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 as Exhibit A, and the
Council shall meet at the time and place specified therein for the
purpose of opening and considering sealed bids for the purchase of the
Bonds and considering the award of the sale of the Bonds.
36
Page 2 -- Resolution No. 29 - 1997 OCO n
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
31ST DAY OF MARCH, 1997 .
40�-/e-ce 441 f4---'
C J, R ,N -
MAYOR
ATTEST:
. 11:vyy\ ala/h4
WILLIAM A. CHAMPA - CITY LERK