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RESOLUTION NO. 97-102
Councilmember Thole introduced the following resolution and moved
its adoption, which motion was seconded by Councilmember Bea 1 ka
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $485,000
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1997B
BE IT RESOLVED by the City Council of the City of Stillwater,
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 Bonds, Series 1997B, in the
aggregate principal amount of $485,000, pursuant to Minnesota Statutes, Chapters
429 and 475, to finance the construction of the various improvement projects within
the City, as more fully described in Exhibit A attached hereto.
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 City 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, as independent financial advisers, pursuant to Minnesota Statutes,
Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit proposals
for the Bonds on behalf of the City on a negotiated basis.
Section 3. Sale Meeting. This Council shall meet at the time and place
shown in the Terms of Proposal, for the purpose of considering sealed proposals for
the purchase of the Bonds and of taking such action thereon as may be in the best
interests of the City.
Adopted this 6 th day of May, 1997.
APprove#~
Attest: -11JoJ.~ (1 )~
cyy Clerk
Upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
whereupon the resolution was declared duly passed and adopted.