HomeMy WebLinkAboutResolution - 2011-80 - Issuance & Sale of $6,220,000 GO Crossover Refunding Bonds Series 2011 - 09/20/2011 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2011-80
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF
$6,220,000 GENERAL OBLIGATION CROSSOVER REFUNDING
BONDS, SERIES 2011; CALLING FOR A PUBLIC HEARING
BE IT RESOLVED by the City Council of the City of Edcn Prairie, Minnesota (the
"City"), as follows:
SECTION 1. PURPOSE. It is hereby determined to be in the best interests of the City to issue
its General Obligation Crossover Refunding Bonds, Series 2011, in one or more series, in the
principal amount of approximately$6,220,000 (the"Bonds"),pursuant to Minnesota Statutes,
Chapter 475,to provide funds to be used to refund in an advance crossover refunding(a) all or a
portion of the 2014 through 2025 maturities of the City's General Obligation Permanent
Improvement Revolving Fund Bonds, Series 2005B, dated, as originally issued, as of October 1,
2005, and (b) the 2015 through 2021 maturities of the City's General Obligation Bonds, Series
2006A,dated, as originally issued, as of January 1, 2006 and as reissued on April 17, 2007 (the
"Series 2006A Bonds").
SECTION 2. PUBLIC HEARING. A public hearing on the proposal to refund the Series 2006A
Bonds and certain other obligations of the City will be held at the time and place set forth in the
Notice of Public Hearing attached hereto. The City staff is hereby authorized and directed to
cause notice of the hearing to be given one publication in the official newspaper of the City,
which is a newspaper of general circulation available in the City, not less than 14 days nor more
than 30 days prior to the date fixed for the hearing.
SECTION 3. SALE. Northland Securities, Inc. is hereby authorized, pursuant to Minnesota
Statutes, Section 475.60, Subdivision 2,paragraph (9), to solicit proposals for the Bonds on
behalf of the City on a competitive basis without requirement of published notice. The Council
shall meet at the time and place shown in the Notice of Sale prepared for the Bonds for the
purpose of considering proposals for the purchase of the Bonds and of taking such action thereon
as may be in the best interests of the City.
ADOPTED by the City Council of the City of Eden Prairie this 6th day of September,2011.
anc a- a s, yor
ATTEST;
h 1 een Porta, City Clerk