Res. #11-005 - Sale of G.O. Impr. Bonds Series 2011A

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CITY OF CENTERVILLE Res. ##11 -005 Council Member Paar introduced the following resolution and moved its adoption: Resolution Providing for the Sale of General Obligation Improvement Refunding Bonds, Series 2011A, in an Estimated Principal Amount of $2,755,000 A. WHEREAS, the City Council of the City of Centerville, Minnesota (the "City "), has determined that it is necessary and expedient to issue the City's General Obligation Improvement Refunding Bonds, Series 2011A (the "Bonds ") in an estimated principal amount of $2,755,000, to finance the current refunding of the City's $2,200,000 General Obligation Improvement Bonds, Series 2004B, and its $2,600,000 General Obligation Improvement Bonds, Series 2007A, the proceeds of which were used to finance the construction of various public improvements in the City; and B. 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 City Council of the City of Centerville, Minnesota, as follows: 1. Authorization, Findings The City Council hereby authorizes Northland to solicit proposals for the sale of the Bonds through a public sale process. 2. Meeting; Proposal Opening The City Council shall meet at 6:30 p.m. on March 23, 2011, 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 Northland 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 Council Member King and after full discussion thereof and upon a vote being taken thereon, the following Council Members voted in favor thereof. Mayor Wilharber, Council Members King, Fehrenbacher, Paar and Love and none voted against: Whereupon said resolution was declared duly passed and adopted. Dated this 23rd day of February, 2011, Mayor, Thomas Wilharber Attest ...__......