2009-09-23 CC Packet - Laserfiche WebLink

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F. WHEREAS, the advance refunding of the 2006 Bonds is consistent with the covenants made with the bondholders thereof and will reduce the debt service cost to the City; and G. WHEREAS, WHEREAS, the City has retained Northland Securities, Inc., in Minneapolis, Minnesota ("Northland"), as its independent fInancial advisor for the Bonds and is therefore authorized to conduct a public sale of the Bonds in accordance with Minnesota Statutes, Section 475.60. NOW, THEREFORE, BE IT RESOLVED by the Council of the City as follows: I. Sale of Bonds: Purpose. 1.01. The proposal of 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 $ , 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. 1.02. The Bonds shall be titled "General Obligation Improvement Crossover Refunding Bonds, Series 2009B", shall be dated October I, 2009, 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-I 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 I in the years and amounts as follows: Year Amount Year Amount 2011 $145,000 2015 $190,000 2012 $175,000 2016 $195,000 2013 $180,000 2017 $215,000 2014 $180,000 2018 $1,195,000 1.03. The Bonds shall provide funds to fInance the advance refunding of the outstanding 2006 Bonds. It is hereby found, determined and declared that the refunding of the 2006 Bonds is pursuant to Minnesota Statutes, Section 475.67, is consistent with the covenants made to the Bondholder thereof, shall result in a reduction of debt service cost to the City, and satisfIes the debt service test contained in Minnesota Statute, Section 475.67, subd. 12. 1.04. The Bonds shall bear interest payable semiannually on February I and August 1, of each year (each, an "Interest Payment Date") commencing on August I, 2010, calculated on 2 10