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