07-09 - 02-06 - Authorize Sale of $2,560,000 Bonds, Series 2007A Resolution 07-9 February 6, 2007
Member Pentel introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $2,560,000
GENERAL OBLIGATION STATE AID STREET BONDS, SERIES 2007A
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota (the
City), as follows:
SECTION 1. PURPOSE. It is hereby determined to be in the best interests of the City to
issue its General Obligation State Aid Street Bonds, Series 2007A, in the principal amount
of$2,560,000 (the Bonds), pursuant to Minnesota Statutes, Section 162.18 and Chapter
475, to finance the construction and improvement of various state aid streets in the City.
SECTION 2. TERMS OF PROPOSAL. Springsted Incorporated, financial consultant to the
City, has presented to this Council a form of Terms of Proposal for the Bonds which is
attached hereto and hereby approved and shall be placed on file by the Clerk. Each and all
of the provisions of the Terms of Proposal are hereby adopted as the terms and conditions
of the Bonds and of the sale thereof. Springsted Incorporated is hereby authorized,
pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9), to solicit
proposals for the Bonds on behalf of the City on a negotiated basis.
SECTION 3. SALE MEETING. This Council shall meet at the time and place shown in the
Terms of Proposal, for the purpose of considering proposals for the purchase of the Bonds
and of taking such action thereon as may be in the best interests of the City.
ig4 .)71-C/AJ *Ye-0717.a-
Linda
R. Loomis, Mayor
ATTEST:
I /(AllAr
S`—an M. Virnig, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Shaffer
and upon a vote being taken thereon, the following voted in favor thereof: Freiberg,
Loomis, Pentel, Scanlon and Shaffer; and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted, signed by the Mayor
and her signature attested by the City Clerk.