RES 1975-14 - 0000750314
RESOLUTION NO. 14 - 1975
RESOLUTION PROVIDING FOR THE PUBLIC SALE OF
$1,220,000 GENERAL OBLIGATION REFUNDING BONDS
BE IT RESOLVED by the City Council of the City of Fridley,
Minnesota, as follows:
1. The City presently has outstanding $875,000 principal
amount of an issue of $1,330,000 Special Assessment Bonds, and '
$345,000 principal amount of an issue of $460,000 Waterworks Bonds,
all dated July 1, 1970, which outstanding bonds bear interest to
maturity at a combined average annual net interest rate of 6.779 %.
The City has been advised by Ehlers & Associates, Inc., financial
consultants to the City, that the interest cost to the City could
be substantially reduced by refunding in advance of maturity all
outstanding bonds of the above issue, and that the refunding pro-
gram could, at present, be undertaken in such a manner as to comply
with Minnesota Statutes, Section 475.67, and applicable Federal
laws and Internal Revenue Service Regulations relating to "arbitrage
bonds." It is hereby found and determined to be in the best interests
of the City to proceed with the advertisement for sale of $1,220,000
General Obligation Refunding Bonds for such purpose.
2. Ehlers & Associates, Inc. has presented to this
Council forms of the Official Notice of Sale, and abbreviated
notice of sale for publication, which are attached hereto, and
which are hereby approved and shall be placed on file by the
Clerk. Each and all of the provisions of the Official Notice of
Sale are hereby adopted as the terms and conditions of said bonds
and of the sale thereof; and this Council shall meet at the time
and place specified in the Official Notice of Sale for the purpose
of considering sealed bids for the purchase of said bonds.
3. The Clerk is authorized and directed to cause the
abbreviated notice of sale to be published once in the official
newspaper of the City, and once in the Commercial West, a financial
periodical published in Minneapolis, both publications at least ten
days before the date of said meeting.
4. This resolution shall be published in full in the
official newspaper, but shall take affect upon passage.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF
FRIDLEY THIS 3rd DAY OF FEBRUARY, 1975.
ATTEST:
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CITY CLERK - MAR4111�.. . L
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MAYOR - WILLIAM J. NEE