HomeMy WebLinkAbout7897 (Res.)
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Member
following
Farrell
introduced the
resolution and moved its adoption:
RESOLUTION NO. 7897
RESOLUTION AUTHORI ZING ISSUANCE AND SALE OF $625,000
GENERAL OBLIGATION CAPITAL OUTLAY BONDS, SERIES 1988A
BE IT RESOLVED by the City council of the City of
Stillwater, Minnesota, as follows:
1. Bond Authorization. For the purpose of financing
the cost of various cap1tal projects within the City, the City
determines that it is necessary to sell and issue general
obligation bonds of the City in the amount of $625,000 pursuant
to Section 200 of the City Charter and Minnesota Statutes,
Sections 475.52 and 475.58.
2. Sale Terms. Springsted Incorporated, bond consul-
tants to the City, has presented to this Council a form of
Official Terms of Offering of the sale of the bonds, and a form
of Notice of Sale for publication. which forms are attached
hereto and shall be placed on file in the office of the Clerk.
Each and all of the provisions of the Official Terms of Offering
are hereby adopted as the terms and conditions of said bonds and
of the sale thereof, and shall be made available to all
prospective purchasers of the bonds. The Clerk is authorized and
directed to cause the Notice of Sale to be published once in the
official newspaper of the City, and once in the Commercial West,
a financial periodical published in Minneapolis, at least ten
days before the date of sale.
3. Sale Meeting. This Council shall meet on Tuesday,
May 24, 1988. at 4:30 P.M., to consider the bids received for the
purchase of the bonds, and to take such actions thereon as is
deemed in the best interests of the City.
Approved, tJ)~ t1i./~
Mayor
Attest: ~ c;/~ .~
C erk
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The motion for the adoption of the foregoing resolution
was duly seconded by Member
and upon vote
Opheim
being taken thereon, the following voted in favor thereof:
All Members
and the following voted against the same: None
whereupon said resolution was declared passed and adopted.
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