14-034 - 04-17 - authorize issance and sale $4,165,000 improvement refunding bonds series 2014C Resolution 14-34 April 17, 2014
Member Fonnest introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $4,165,000
GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2014C
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 Improvement Refunding Bonds, Series 2014C, in the principal
amount of$4,165,000 (the Bonds), pursuant to Minnesota Statutes, Chapter 475, to
provide funds to be used, along with other available funds, to refinance on February 1,
2017 (the Refunding), the 2018 through 2027 maturities of the City's General Obligation
Improvement Bonds, Series 2007C, dated, as originally issued, as of June 15, 2007.
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.
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Shepa d M. Harris, Mayor
ATTEST:
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Susan M. Virnig, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Clausen
and upon a vote being taken thereon, the following voted in favor thereof: Clausen,
Fonnest, Harris, Schmidgall and Snope; 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.