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<br />Resolution No. /70- <br /> <br />Council Member I3rd"-5~,-d V;c!k..nintroduced the following resolution and moved its <br />adoption: <br /> <br />Resolution Providing for the Sale of <br />$3,715,000 General Obligation Improvement Bonds, <br />Series 2009 A <br /> <br />A. WHEREAS, the City Council of the City ofCenterville, Minnesota (the "City"), has <br />heretofore determined that it is necessary and expedient to issue the City's $3,715,000 <br />General Obligation Improvement Bonds, Series 2009A (the "Bonds"), to finance the <br />construction of various public improvements in the City; and <br /> <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 /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Centerville, <br />Minnesota, as follows: <br /> <br />I. Authorization: Findings. The City Council hereby authorizes Northland to solicit proposals <br />for the sale of the Bonds through a public sale process. In addition to submitting proposals to <br />purchase the bonds as taxable improvement bonds under the United States' Build American <br />Bonds Direct Payment program, bidders may submit proposals to purchase the Bonds as tax <br />exempt general obligation improvement bonds, or may submit alternate proposals to <br />purchase each type of bonds. The City's determination to issue taxable Build America bonds <br />or tax exempt improvement bonds will be based on the bids received. <br /> <br />2. Meeting: Proposal Opening. The City Council shall meet at 6:30 p.m. on July 22, 2009, for <br />the purpose of considering proposals for and awarding the sale of the Bonds. <br /> <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 />