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Res. #11-005 - Sale of G.O. Impr. Bonds Series 2011A
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Res. #11-005 - Sale of G.O. Impr. Bonds Series 2011A
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8/26/2011 12:22:27 PM
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CITY OF CENTERVILLE <br />Res. ##11 -005 <br />Council Member Paar introduced the following resolution and moved its adoption: <br />Resolution Providing for the Sale of <br />General Obligation Improvement Refunding Bonds, <br />Series 2011A, in an Estimated Principal Amount of $2,755,000 <br />A. WHEREAS, the City Council of the City of Centerville, Minnesota (the "City "), has <br />determined that it is necessary and expedient to issue the City's General Obligation <br />Improvement Refunding Bonds, Series 2011A (the "Bonds ") in an estimated principal <br />amount of $2,755,000, to finance the current refunding of the City's $2,200,000 General <br />Obligation Improvement Bonds, Series 2004B, and its $2,600,000 General Obligation <br />Improvement Bonds, Series 2007A, the proceeds of which were used to finance the <br />construction of various public improvements in the City; and <br />B. WHEREAS, the City has retained Northland Securities, Inc., in Minneapolis, Minnesota <br />( "Northland "), as its independent financial advisor for the Bonds and is therefore authorized <br />to conduct a public sale of the Bonds in accordance with Minnesota Statutes, Section 475.60. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Centerville, <br />Minnesota, as follows: <br />1. Authorization, Findings The City Council hereby authorizes Northland to solicit proposals <br />for the sale of the Bonds through a public sale process. <br />2. Meeting; Proposal Opening The City Council shall meet at 6:30 p.m. on March 23, 2011, <br />for the purpose of considering proposals for and awarding the sale of the Bonds. <br />3, Official Statement In connection with said sale, the officers or employees of the City are <br />hereby authorized to cooperate with Northland and participate in the preparation of an <br />official statement for the Bonds and to execute and deliver it on behalf of the City upon its <br />completion. <br />The motion for the adoption of the foregoing resolution was duly seconded by Council Member <br />King and after full discussion thereof and upon a vote being taken thereon, the following Council <br />Members voted in favor thereof. Mayor Wilharber, Council Members King, Fehrenbacher, Paar <br />and Love and none voted against: <br />Whereupon said resolution was declared duly passed and adopted. <br />Dated this 23rd day of February, 2011, <br />Mayor, Thomas Wilharber <br />Attest <br />...__...... <br />
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