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<br />. <br /> <br />. <br /> <br />. <br /> <br />result in the reduction of debt service cost to the <br />City. <br /> <br />(d) It is necessary and expedient to issue the <br />City's General Obligation Improvement Refunding <br />Bonds, Series 1999B (the "Bonds"), to provide moneys <br />for a refunding of the Prior Bonds. <br /> <br />(e) The City has retained Springsted <br />Incorporated, in Saint Paul, Minnesota, as its <br />independent financial advisor for the Bonds and is <br />therefore authorized to sell the Bonds by a <br />competitive negotiated sale in accordance with <br />Minnesota Statutes, Secti~n 475.60, subdivision <br />2 (9) <br /> <br />(f) It is necessary and desirable to the sound <br />financial management of the affairs of the City that <br />the City issue the Bonds pursuant to Minnesota <br />Statutes, Section 475.67, in order to provide <br />financing for the refunding described above, and the <br />Council hereby states its intention to authorize and <br />issue the Bonds accordingly. <br /> <br />2. The terms and conditions of the Bonds and the sale <br />thereof are set forth in the "Terms of Proposal" attached <br />hereto, and the Council shall meet at the time and place <br />specified therein for the purposes of opening and considering <br />sealed bids for the purchase of the Bonds and considering the <br />award of sale of the Bonds. <br /> <br />Adopted on September 13, 1999, by the Elk River City <br />Council. <br /> <br />The motion for the adoption of the foregoing resolution was <br />duly seconded by Councilmember and upon a vote <br />being taken thereon, the following Councilmembers voted in favor <br />thereof: <br /> <br />and the following voted against the same: <br /> <br />Whereupon said resolution was declared duly passed and <br />adopted. <br /> <br />I <br />i <br /> <br />1080175.1 <br />