HomeMy WebLinkAboutResolution - 78-36 - Providing for Public Sale of $5,090,000 General Obligation Refunding Improvement Bonds - }
Member Bye introduced the following resolution and
moved its adoption:
RESOLUTION PROVIDING FOR THE PUBLIC SALE OF $5,090,000
GENERAL OBLIGATION REFUNDING IMPROVEMENT BONDS
BE IT RESOLVED By the City Council of the City of Eden Prairie,
Minnesota, as follows:
1. - The City presently has outstanding $$2,900,000 principal amount of
an issue' of $3,000,000 G.O. Improvement Bonds dated 9/1/74; all the principal
of an issue of $900,000 G.O. Improvement Bonds dated 1211/75; and $1,290,.000
of an issue of $1,360,000 G.O. Improvement .Bonds dated 10/1/76, which out-
standing bonds bear interest to maturity at a combined average annual net
interest rate of 6.195 %. 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 Regula-
tions 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 Refunding Improvement Bonds in a principal amount not
exceeding $5,090,000- for this purpose.
2. Sealed bids for these bonds will 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. , Central Time-, 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 con-
nection with the sale and to take any other actions necessary to accomplish the
sale of the Refunding Bonds.
3. The City Finance Director/Clerk i-s 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
CITY MANAGER