HomeMy WebLinkAbout2015-04Resolution No. 2015 - 04
Council Member Lindner introduced the following resolution and moved its adoption:
Resolution Providing for the Sale of
$775,000 General Obligation Refunding Bonds, Series 2015A
A. WHEREAS, the City Council of the City of Gem Lake, Minnesota has heretofore determined that it is
necessary and expedient to issue the City's $775,000 General Obligation Refunding Bonds, Series
2015A (the "Bonds"), to crossover refund the City's outstanding General Obligation Capital
Improvement Plan Bonds, Series 2007A for an interest cost savings; and
B. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its
independent financial advisor for the Bonds and is therefore authorized to solicit proposals in
accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9);
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Gem Lake, Minnesota, as
follows:
1. Authorization: Findings. The City Council hereby authorizes Ehlers to solicit proposals for the sale
of the Bonds.
2. Meeting; Proposal Opening. The City Council shall meet at 7:00 p.m. on May 19, 2015, for the
purpose of considering proposals for and awarding the sale of the Bonds.
3. Official Statement. In connection with said sale, the officers or employees of the City are hereby
authorized to cooperate with Ehlers and participate in the preparation of an official statement for the
Bonds and to execute and deliver it on behalf of the City upon its completion.
The motion for the adoption of the foregoing resolution was duly seconded by City Council Member
Artig Swomley and, after full discussion thereof and upon a vote being taken thereon, the following City
Council Members voted in favor thereof: Uzpen, Artig Swomley, Lindner, Bosak and Kuny.
and the following voted against the same: None
Whereupon said resolution was declared duly passed and adopted.
Dated this 2 1 " day of April, 2015.
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