HomeMy WebLinkAbout1998-277
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Resolut~.on Noa 70"2//
Counciimember 17.o~.e introduced the. following resolution and moved its adoption,
which motion was seconded by Councilmember ~~~
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $2,500,000 GENERAL
OBLIGATION CAPITAL OUTLAY BONDS, SERIES 1998B
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 1998B, in the aggregate principal amount of
$2,500,000, pursuant to Minnesota Statutes, Chapter 475, to finance 1998 and 1999 capital
projects, 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 20th day of October, 1998.
Approved:
a
Attest: e2.~
City Clerk
Upon vote being taken thereon, the following voted in favor thereof: Ki~~le, Zoller, Thole,
Cuinnings , ;3ealka
and the following voted against the same: None
whereupon the resolution was declared duly passed and adopted.