The URL can be used to link to this page

Home My WebLink About1996-052 . . . RESOLUTION NO. 96-52 Councilmember Thole introduced the following resolution and moved its adoption, which motion was seconded by Councilmember Bealka RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $5,530,000 GENERAL OBLIGATION CAPITAL OUTLAY BONDS, SERIES 1996A 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 Capital Outlay Bonds, Series 1996A, in the aggregate principal amount of $5,530,000, pursuant to Minnesota Statutes, Chapter 475, to (a) finance 1996 capital outlays and (b) refund the 1997 through 2002 maturities of the General Obligation Capital Outlay Bonds, Series 1986A, dated December 1, 1986, 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 bids for the Bonds on behalf of the City on a negotiated basis. Section 3. Sale Meeting. Thi~ Council shall meet at the time and place shown in the Terms of Proposal, for the purpose of considering sealed bids for the purchase of the Bonds and of taking such action thereon as may be in the best interests of the City. Adopted this 27th day of February, 1996. P;-/ Approved: f)~ L~ Acting Mayor ' Attest: -4)otL~ IA W1h C ty Clerk Upon vote being taken thereon, the following voted in favor thereof: Bealka, Zoller, Thole and the following voted against the same: None whereupon the resolution was declared duly passed and adopted.