16-49 - 09-06 - General Obligation Storm Bonds 2016D Resolution 16-49 September 6, 2016
Member Schmidgall introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF
GENERAL OBLIGATION STORM SEWER REVENUE BONDS,
SERIES 2016D
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 Storm Sewer Revenue Bonds, Series 2016A, in the
approximate principal amount of$3,780,000 (the Bonds), pursuant to Minnesota Statutes,
Sections 444.075 and 469.174 through 469.1794, as amended, to finance various
stormwater improvement projects in the City.
Section 2. TERMS OF PROPOSAL. Springsted Incorporated, municipal advisor 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 on September 20, 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.
Shepard Harris, M yor
ATTEST:
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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,
Clausen, Schmidgall and Fonnest
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.