HomeMy WebLinkAboutResolution - 78-35 - Providing for the Public Sale of $6,150,000 Water and Sewer Refunding Bonds - . I
Member Bye introduced the following resolution and
moved its adoption:
RESOLUTION PROVIDING FOR THE PUBLIC SALE OF $6,150,000
WATER AND SEWER REFUNDING BONDS
BE IT RESOLVED by• the City Council of the City of Eden Prairie,
Minnesota, as follows:
1. The City presently has outstanding $2,150,000 principal amount of an
issue of $2,500,000 G.O. Sewer and Water Bonds of 1971 dated 11/1/71; $3,000,000
principal amount of an issue of $3,000,000 G.O. Water and Sewer Bonds dated
4/1175; and $1,000,000 principal amount of an issue of $1,000,000 G.O. Water and
Sewer Bonds dated 12/1/75; which outstanding bonds bear interest to maturity at
a combined average annual net .interest rate of 6.420 %. The City has been
advised by Ehlers and Associates, Inc. , and Piper,Jaffray & Hopwood, Inc. that
.the interest cost to the City could be substantially reduced by refunding in
advance of maturity all outstanding bonds of the above issues, and that the '
refunding program 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 General -Obligation Water •and Sewer Refunding Bonds in
a principal amount not exceeding $6,150,000 for this purpose.
2. Sealed bids for these bonds wild be received, opened and recorded on
• Tuesday, March 14, 1978, at 11:00 o'clock A.M. , Central- Time, at the office of
Ehlers and Associates, Inc. , in Minneapolis, Minnesota. This Council shall meet
on that same date at 7:30 o'clock P.M. , CST,, to consider the bids for the purchase
of the Refunding Bonds. Ehlers and Associates, Inc. , and Piper, Jaffray & Hopwood,
Inc. , are authorized to prepare an offering statement -in connection with the sale
and to take any other actions necessary .to accomplish the sale of the Refunding
Bonds.
3. The City Finance Director/Clerk is authorized and directed to cause
the notice of sale, `in form prepared by bond counsel , to be published once in the
official newspaper of the City, and•once in Commercial West, a financial periodical
published in Minneapolis, Minnesota, both publications at least ten days before
the date of- said meeting.
Mayor
Attest:
City Manager