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HomeMy WebLinkAboutResolution No. 2017-127 Proving GO Bond Recreational Refunding Bonds I� r CERTIFICATION OF MINUTES RELATING TO GENERAL OBLIGATION RECREATIONAL REVENUE REFUNDING BONDS Issuer: City of Edina, Minnesota Governing Body: City Council Kind, Date, Time and Place of Meeting: A regular meeting held on November 8, 2017, at 7:00 p.m. at the City Hall in Edina, Minnesota. Members Present: Brindle, Fischer, Staunton, Stewart, Hovland Members Absent: none. Documents Attached: Minutes of said meeting (including): RESOLUTION NO.2017-127 RESOLUTION PROVIDING FOR THE SALE OF GENERAL OBLIGATION RECREATIONAL REVENUE REFUNDING BONDS I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal custody, from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS MY HAND officially as such recording officer on November 8, 2017. L � ebra Mangen, City Clerk CITY OF EDINA 4801 West 50th Street•Edina,Minnesota 55424 www.EdinaMN.gov•952-927-8861 • Fax 952-826-0390 U a � Councilmembe�ntroduced the following resolution and moved its adoption: RESOLUTION NO.2017- 127 RESOLUTION PROVIDING FOR THE SALE OF GENERAL OBLIGATION RECREATIONAL REVENUE REFUNDING BONDS BE IT RESOLVED by the City Council of the City of Edina, State of Minnesota(the "City"), as follows: 1. The City Council hereby finds and declares that it is necessary and expedient for the City to issue and sell its General Obligation Recreational Revenue Refunding Bonds (the"Bonds") for the purpose of refunding the 2019 to 2030 maturities of its General Obligation Recreational Facility Bonds, Series 2009C (the "Refunded Bonds"). 2. The City Council desires to proceed with the sale of the Bonds by solicitation of one or more banking institutions or qualified purchasers. 3. One or more of the Finance Director and City Manager is hereby authorized to approve the sale of the Bonds in an aggregate principal amount not to exceed the outstanding principal amount of the Refunded Bonds and to execute a bond purchase agreement for the sale of the Bonds, provided that the present value savings achieved by the sale of the Bonds is equal to at least 8%. 4. Upon approval of the sale of the Bonds by the Finance Director and/or City Manager, the City Council will take action at its next regularly scheduled meeting thereafter to adopt the necessary approving resolutions as prepared by the City's bond counsel. 5. If the designated officer or officers have not executed the related bond purchase agreement by December 31, 2017, the authorization provided by this resolution shall expire. Adopted this 81" day of November, 2017. t Mayor Attest: City Clerk CITY OF EDINA 4801 West 50th Street•Edina,Minnesota 55424 www.EdinaMN.gov•952-927-8861 •Fax 952-826-0390 The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Fischer and upon vote being taken thereon, the following voted in favor thereof: Brindle, Fischer, Staunton, Stewart, Hovland and the following voted against the same: none. whereupon said resolution was declared duly passed and adopted.