Laserfiche WebLink
2 <br /> <br />RESOLUTION NO. 2018-045 <br /> <br />A RESOLUTION AWARDING THE SALE OF GENERAL OBLIGATION <br />UTILITY REVENUE BONDS, SERIES 2018A, IN THE ORIGINAL <br />AGGREGATE PRINCIPAL AMOUNT OF $________; FIXING THEIR <br />FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND <br />DELIVERY; AND PROVIDING FOR THEIR PAYMENT <br /> <br /> BE IT RESOLVED By the City Council (the “Council”) of the City of Arden Hills, <br />Ramsey County, Minnesota (the “City”) as follows: <br /> <br /> Section 1. Sale of Bonds. <br /> <br /> 1.01 Authority. It is hereby determined that: <br /> <br /> (a) The City engineer has recommended the construction of various improvements to <br />the City’s water and sewer systems (collectively, the “Utility Improvements”), pursuant to <br />Minnesota Statutes, Chapters 444 and 475, as amended (collectively, the “Act”). <br /> <br /> (b) It is necessary and expedient to the sound financial management of the affairs of <br />the City to issue its General Obligation Utility Revenue Bonds, Series 2018A (the “Bonds”), in <br />the original aggregate principal amount of $_________, pursuant to the Act, to provide financing <br />for the Utility Improvements. <br /> <br /> (c) The City is authorized by Section 475.60, subdivision 2(9), of the Act to negotiate <br />the sale of the Bonds, it being determined that the City has retained an independent municipal <br />advisor in connection with such sale. The actions of the City staff and the City’s municipal <br />advisor in negotiating the sale of the Bonds are ratified and confirmed in all aspects. <br /> <br /> 1.02. Award to the Purchaser and Interest Rates. The proposal of <br />__________________________________ (the “Purchaser”) to purchase the Bonds of the City is <br />hereby found and determined to be a reasonable offer and is hereby accepted, the proposal being <br />to purchase the Bonds at a price of $_______ (par amount of $_________, plus original issue <br />premium of $_______, less original issue discount of $_______, less underwriter’s discount of <br />$_______), plus accrued interest to date of delivery, if any, for Bonds bearing interest as follows: <br /> <br />Year Interest Rate Year Interest Rate <br /> <br />2020 2025 <br />2021 2026 <br />2022 2027 <br />2023 2028 <br />2024 2029 <br /> <br />True interest cost: _________% <br />