Res. #14-038 - Accepting Proposal on the Sale of $1,385,000 G.O. Impr. Refunding Bonds, Series 2015A

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D. WHEREAS, $1,585,000 of the principal amount of the 2009 Bonds is subject to redemption and prepayment at the option of the City on February 1, 2015, or on any date thereafter; and E. WHEREAS, the City determines and declares that it is necessary and desirable to issue its $1,385,000 General Obligation Improvement Refunding Bonds, Series 2015A (the "Bonds") pursuant to Minnesota Statutes, Chapter 475, to provide funds to pay on February 1, 2015, the 2009 Bonds maturing in the years 2016 through 2018; and F. WHEREAS, the current refunding of the 2009 Bonds is consistent with the covenants made with the bondholder thereof and will restructure the debt service payments in a manner that is beneficial to the City; and G. WHEREAS, the City has retained Northland Securities, Inc. ("Northland") as its independent financial advisor for the Bonds, and Northland has conducted a public sale of the Bonds pursuant to Minnesota Statutes, Section 475.60; and H. WHEREAS, the proposals set forth on Exhibit A attached hereto were received by Northland at 10:30 a.m., on December 10, 2014; and NOW, THEREFORE, BE IT RESOLVED by the Council of the City as follows: 1. Sale of Bonds; Purpose. 1.01. The proposal of United Bankers' Bank, Bloomington, Minnesota (the Purchaser") to purchase the Bonds (or individually, a "Bond") in accordance with the terms established for the Bonds, at the rates of interest hereinafter set forth, and to pay therefor the sum of $1,375.997.50, plus interest accrued to the date of delivery of the Bonds, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted, and the Bonds are hereby awarded to said Purchaser. The Clerk is hereby directed to retain the deposit of said Purchaser. 1.02. The Bonds shall be titled "General Obligation Improvement Refunding Bonds, Series 2015A", shall be dated January 15, 2015, as the date of original issue and shall be issued forthwith on or after such date as fully registered bonds. The City assumes no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the correctness of any CUSIP numbers printed thereon. The City will permit such numbers to be printed on the Bonds at the expense of the Purchaser, provided; that the City shall not be responsible for any delay in delivery of the Bonds occasioned thereby. The Bonds shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity (the "Authorized Denominations"). The Bonds shall mature on February 1 in the years and amounts as follows: 2