Res. #09-020 - Accepting Proposal on the Sale of $3,715,000 G.O. Taxable Imp. Bonds, Series 2009A

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF CENTERVILLE, MINNESOTA HELD: July 22, 2009 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Centerville, Minnesota was duly called and held at the City Hall in said City on the 22nd day of July, 2009, at 6:30 o'clock P M. The following members were present: Mayor Capra, Council Members Fehrenbacher, Lee, Paar & Broussard Vickers and the following were absent: None Member Broussard Vickers introduced the following resolution and moved its adoption: CITY OF CENTERVILLE, MINNESOTA RESOLUTION #09 . 020 RESOLUTION ACCEPTING PROPOSAL ON THE SALE OF $3,715,000 GENERAL OBLIGATION TAXABLE IMPROVEMENT BONDS, SERIES 2009A (BUILD AMERICA BONDS), PROVIDING FOR THEIR ISSUANCE AND PLEDGING FOR THE SECURITY THEREOF CERTAIN REVENUES. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CENTERVILLE (the "City") AS FOLLOWS: A. WHEREAS, the City has authority pursuant to Minnesota Statutes, Chapter 429, to issue its general obligation improvement bonds to finance the construction of public improvement projects within the City; and B. WHEREAS, the City desires to fmance the construction of various public improvement projects listed on Exhibit B to this Resolution (collectively, the "Project"), which improvement projects have been combined into a single improvement for financing purposes, through the issuance of its general obligation bonds pursuant to Minnesota Statutes, section 429.091 and Minnesota Statutes, Chapter 475; and C. WHEREAS, the City determines and declares that it is necessary and desirable to issue its General Obligation Taxable Improvement Bonds, Series 2009A (Build America Bonds) (the "Bonds") in a principal amount of$3,715,OOO to finance its costs of constructing the Project; and