5.3. SR 08-02-2004 - Laserfiche WebLink

Home Browse Search

Outstanding as of the date of reference, or (iii) 125% of the average annual principal and interest payable on all Bonds as of the date of reference. "Resolution" means this Resolution, including any amendment hereof or supplement hereto adopted in accordance with Section 14. "Series 2004A Bonds" means the Bonds created by Section 5. Section 2. Recitals. 2.01. Electric System. The City owns and, for financing purposes, operates a municipal Electric System, hereinafter referred to as the "Electric System." 2.02. Public Utilities Commission. The City has established the Commission and placed the Electric System under the jurisdiction of the Commission pursuant to the Act. The City has granted to the Commission a non-exclusive franchise to transmit, furnish, deliver or receive electrical energy within the utility service area. The Commission operates the Electric System as a public, revenue-producing convenience, providing service to the City and its inhabitants and residents and other customers in the area surrounding the City, as authorized by the Act. 2.03. Authorization of Series 2004A Bonds. The Commission is authorized by law to borrow money necessary to finance the Project and to pay the related financing costs and fund the Reserve Account, as hereinafter provided. It is necessary and expedient for the City forthwith to issue its Electric System Revenue Bonds, Series 2004A, in the principal amount of $940,000. All costs of the Project in excess of the proceeds of the Series 2004A Bonds available for payment of such costs shall be paid from any other funds legally available to the Commission for such purpose. 2.04. Sale of Series 2004A Bonds. The Commission has retained Ehlers and Associates, Inc., in Roseville, Minnesota (Ehlers), as its independent financial advisor for the sale of the Bonds and was therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been solicited by Ehlers. 2.05. Receipt and Acceptance of Proposals. Proposals will be received by the Secretary, or designee, at the offices of Ehlers, on August 3, 2004, pursuant to the Official Terms of Bond Sale established for the Bonds. The authority to accept the most favorable proposal for the purchase of the Bonds, the interest rates and the amount of the purchaser's discount is hereby delegated by the Commission to the Secretary and a representative of Ehlers (collectively, the Pricing Committee); provided the true interest cost on the Bonds shall not exceed %. 2.06. Performance of Requirements. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Series 2004A Bonds having been done, existing, having happened and having been performed, it is now necessary to establish the form and terms of the Series 2004A Bonds, to provide security therefor and to issue the Series 2004A Bonds forthwith. 1670578vl 4