16-31 - 05-03 - Issuance Recontruction Bond 2016C Resolution 16-31 May 3, 2016
Member Fonnest introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $5,630,000 GENERAL
OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 2016C
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 Street Reconstruction Bonds, Series 2016C (the Bonds), in the
principal amount not to exceed $5,630,000, pursuant to Minnesota Statutes, Chapter 475
and Section 475.58, to finance the cost of certain street reconstruction projects 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 on June 7, 2016, at 6:30 p.m. 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.
She rd M. Harris,Vayor
ATTEST:
Kristine A. Luedke, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Snope
and upon a vote being taken thereon, the following voted in favor thereof: Harris, Snope,
Fonnest, Schmidgall and Clausen 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.