HomeMy WebLinkAboutResolution No. 2003-011 Bond Sale -- GO Refunding/GO Utility/GO Equipment Certificates RESOLUTION 2003-11
RESOLUTION CALLING FOR THE SALE OF GENERAL
OBLIGATION EQUIPMENT CERTIFICATES, SERIES 2003A,
GENERAL OBLIGATION TAX INCREMENT REFUNDING
OCBONDS, SERIES 2003B AND GENERAL OBLIGATION WATER
AND SEWER REVENUE BONDS, SERIES 2003C
BE IT RESOLVED by the City of Edina, Minnesota (the City),as follows
Section 1. General Obligation Equipment Certificates, Series 2003A. It is hereby
determined to be in the best interests of the City to issue its General Obligation Equipment
Certificates, Series 2003A (the Certificates), pursuant to Minnesota Statutes, Chapter 475 and Section
412.301, in the principal amount of $1,540,000, to purchase capital equipment having an expected
life at least as long as the terms of the Certificates. The principal amount of the Certificates does not
exceed 0.25 percent of the market value of taxable property in the City.
Section 2. General Obligation Tax Increment Refunding Bonds, Series 2003B. The
City presently has outstanding its General Obligation Tax Increment Refunding Bonds, Series
1993A, dated as of May 1, 1993, which bonds are subject to redemption and prepayment at the
option of the City on any date upon 30 day prior notice to the holders of such bonds. To refund
such bonds it is hereby determined to be in the best interests of the City to issue its General
Obligation Tax Increment Refunding Bonds, Series 2003B (the Series 2003B Bonds), pursuant to
Minnesota Statues,Chapter 475.
Section 3. Purpose. The City owns and operates a storm sewer utility and a sanitary
• sewer and water utility (together, the Utilities) pursuant to Minnesota Statutes, Section 444.075. It is
hereby determined to be in the best interests of the City to issue its General Obligation Water and
Sewer Revenue Bonds,Series 2003C (the 2003C Bonds), pursuant to Minnesota Statutes, Chapter 475
and Minnesota Statutes, Section 444.075, in the principal amount of$3,200,000, to finance the cost of
improvements to the Utilities.
Section 4. Proposals. Ehlers & Associates, Inc., as independent financial advisors,
pursuant to Minnesota Statutes,Section 475.60,Subdivision 2, paragraph (9), is hereby authorized to
solicit separate proposals for the purchase of the Certificates, the 2003B Bonds and the 2003C Bonds
on behalf of the City on a negotiated basis.
Section 5. Sale Meeting. This Council shall meet at the City Hall on Monday,
February 18, 2003, at 7:00 o'clock P.M., for the purpose of considering proposals for the purchase of
the Certificates, the 2003B Bonds and the 2003C Bonds and of taking such action thereon as may be
in the best interests of the City.
Section 6. Reimbursement of Costs from Proceeds of the Certificates or Series 2003C
Bonds. All or a portion of the costs of the improvements to the Utilities to be financed from the
proceeds of the Series 2003C Bonds and of the equipment to be financed with the proceeds of the
Certificates may be paid by the City prior to the issuance of the Series 2003C Bonds and the
Certificates, and to the extent such costs are paid by the City prior to the issuance of the Bonds and
the Certificates it is the reasonable intent of the City to reimburse all or a portion of the costs of the
improvements to the Utilities paid by the City prior to the issuance of the Series 2003 Bonds from
the proceeds of the 2003C Bonds and to reimburse all or a portion of the costs of such equipment
paid by the City prior to the issuance of the Certificates from the proceeds of the Certificates.
City Hall (952) 927-8861
4801 WEST 50TH STREET FAX(952)826-0390
EDINA,MINNESOTA 55424-1394 TDD(952)826-0379
Section 7. Official Statement. In connection with the sale of the Certificates, Series
2003B Bonds and Series 2003C Bonds, the officers or employees of the City are hereby authorized to
cooperate with Ehlers & Associates, Inc. and participate in the preparation of an official statement
for the Certificates, the Series 2003 Bonds and the Series 2003C Bonds and to execute and deliver it
on behalf of the City upon its completion.
ADOPTED this 21St day of January, 2003.
ATTEST: U," 0
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City Clerk Mayor
STATE OF MINNESOTA )
COUNTY OF HENNEPIN )SS
CITY OF EDINA )
• CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that
the attached and foregoing Resolution was duly adopted by the Edina City Council at its Regular
Meeting of January 21, 2003, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of , 200
City Clerk
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