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2018-045
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7/17/2018 3:28:47 PM
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6/26/2018 8:51:18 AM
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2 <br />526847v3 SEL AR200-20 <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 $2,415,000; 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 $2,415,000, 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 Fifth Third <br />Securities, Inc. (the “Purchaser”) to purchase the Bonds of the City is hereby found and <br />determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the <br />Bonds at a price of $2,569,361.80 (par amount of $2,415,000.00, plus original issue premium of <br />$164,021.80, less underwriter’s discount of $9,660.00), plus accrued interest to date of delivery, <br />if any, for Bonds bearing interest as follows: <br /> <br />Year Interest Rate Year Interest Rate <br /> <br />2020 4.000% 2025 4.000% <br />2021 4.000 2026 4.000 <br />2022 4.000 2027 4.000 <br />2023 4.000 2028 3.000 <br />2024 4.000 2029 3.000 <br /> <br />True interest cost: 2.5324605%
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