13-019 - 03-19 - authorize issuance and sale of $7,330,000 general obligation improvement refunding bonds, series 2013B Resolution 13-19 March 19, 2013
Member Clausen introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $7,330,000 GENERAL
OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2013B
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 af the City to
issue its General Obligation Improvement Refunding Bonds, Series 2013B, in the principal
amount of $7,330,000 (the Bonds), pursuant to Minnesota Statutes, Chapter 475, to
provide funds to be used, along with other available funds, to refinance on February 1,
2016 (the Refunding), the 2017 through 2026 maturities of the City's General Obligation
Improvement Bonds, Series 2006B, dated, as originally issued, as of July 1, 2006.
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 competitive basis without requirement of
published notice.
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.
Shepar M. Harris, Mayo
ATTEST:
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Susan M. Virnig, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Schmidgall and upon a vote being taken thereon, the following voted in favor thereof:
Clausen, Harris, Pentel, Scanlon and Schmidgall; and the following voted against the
same: none, whereupon said resolution was declared duly passed and adopted, signed by
the Mayor and his signature attested by the City Clerk.