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HomeMy WebLinkAbout2019-080 (competitive negotiated sale of $3,065,000 General Obligation Capital Outlay Bonds, Series 2019a) RESOLUTION 2019-080 RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF$3,065,000 GENERAL OBLIGATION CAPITAL OUTLAY BONDS,SERIES 2019A WHEREAS, the City Council of the City of Stillwater, Minnesota (the "City"), has heretofore determined that it is necessary and expedient to issue $3,065,000 General Obligation Capital Outlay Bonds, Series 2019A (the "Bonds") to finance (i) the 2019 capital outlay needs of various City departments; (ii) 2019 annual street improvement project; and (iii) 2019 downtown streetscape improvement project, pursuant to Minnesota Statutes, Chapter 475 and Sections 10.4, 10.5 and 10.6 of the City Charter, as more fully described in Exhibit B attached hereto; and WHEREAS, the City has retained Baker Tilly Municipal Advisors, LLC, in Saint Paul, Minnesota ("Baker Tilly MA"), as its independent municipal advisor and is therefore authorized to sell these obligations by a competitive negotiated sale in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Stillwater, Minnesota,as follows: 1. Authorization. The City Council hereby authorizes Baker Tilly MA to solicit proposals for the competitive negotiated sale of the Bonds. 2. Meeting: Proposal Opening. This City Council shall meet at the time and place specified in the Terms of Proposal attached hereto as Exhibit A for the purpose of considering sealed proposals for, and awarding the sale of, the Bonds. The City Clerk or designee, shall open proposals at the time and place specified in such Terms of Proposal. 3. Terms of Proposal. The terms and conditions of the Bonds and the negotiation thereof are fully set forth in the"Terms of Proposal"attached hereto as Exhibit A and hereby approved and made a part hereof. 4. Official Statement. In connection with the sale,the City Clerk and other officers or employees of the City are hereby authorized to cooperate with Baker Tilly MA and participate in the preparation of an official statement for the Bonds, and to execute and deliver it on behalf of the City upon its completion. Adopted by the City Council this 16th day of July, 2019. Ted Kozlowski, Mayor ATTE T: Beth Wolf, City Clerk