2006 09-14 CC PACKET - Laserfiche WebLink

Home

RESOLUTION AWARDING THE SALE OF $245,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2006A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of Gem Lake, Ramsey County, Minnesota (the "City") as follows: Section 1. Sale of Bonds. 1.01. It is hereby determined that: (a) the following assessable public improvements (the "Improvements") have been made, duly ordered or contracts let for the construction thereof, by the City pursuant to the provisions of Minnesota Statutes, Chapters 429 and 475, as amended (collectively, the "Act"); Project Designation & Description: Big Fox Road, Little Fox Lane, Haven Lane and Tessier Road Improvements Project Designation & Description: Project Fund Underwriter's Discount Capitalized Interest (To Debt Service Fund) Rounding Amount (To Debt Service Fund) Costs of Issuance Total Original Proceeds Total Project Cost Total Project Cost $225,000.00 3,675.00 4,623.69 2,126.31 9,575.00 (b) it is determined that it is necessary and desirable for the sound financial management of the City that the City issue and sell its General Obligation Improvement Bonds, Series 2006A (the "Bonds"), pursuant to the Act to provide financing for the Improvements. 1.02. Award to the Purchaser and Interest Rates. The proposal of Wells Fargo Brokerage Services, LLC (the "Purchaser") to purchase $245,000 General Obligation Improvement Bonds, Series 2006A of the City described in the Terms of Proposal thereof is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and is hereby accepted, the proposal being to purchase the Bonds at a price of $241,325 plus accrued interest to date of delivery, for the Bonds bearing interest at 4.30%. True interest cost: 4.58% 2915200 MNI GE190-5