01-9021r
53
RESOLUTION NO. 9021
RESOLUTION AUTHORIZING THE NEGOTIATION OF THE
SALE OF $1,180,000 GENERAL OBLIGATION STORM SEWER
REVENUE REFUNDING BONDS, SERIES 2001 B
BE IT RESOLVED By the City Council of the City of Richfield, Hennepin County,
Minnesota (City) as follows:
1. It is determined that:
(a) the City is authorized by Minnesota Statutes, section 475.67 (Act) to
refund outstanding general obligations to reduce the interest cost of
carrying those obligations;
(b) the City has issued and sold its $2,170,000 General Obligation Storm
Sewer Revenue Refunding Bonds, Series 1992A of which $1,180,000 in
principal amount is outstanding (Prior Bonds). The Prior Bonds are
subject to redemption and prepayment on August 1, 2001.
(c) it is necessary and expedient to the sound financial management of the
affairs of the City to issue $1,180,000 General Obligation Storm Sewer
Revenue Refunding Bonds, Series 2001 B (Bonds) pursuant to the Act
to refund the Prior Bonds and to pay the costs of that refunding.
2. Ehlers and Associates, Inc., financial adviser to the City, is hereby authorized,
pursuant to Minnesota Statutes, Section 475.60, Subdivision 2(9), to solicit offers for the
purchase of the Bonds, and to circulate information relating to the terms and conditions of the
Bonds as set forth in the "Bond Sale Report" attached hereto as Exhibit A.
3. The City Council will meet at 7:00 p.m. on Monday, March 26, 2001, to
consider proposals on the Bonds and take any other appropriate action with respect to the
Bonds.
Adopted by the City Council of the City of Richfield, Minnesota this 12th day of
March, 2001.
77?~U
Martin J. Kir h, yor
ATTEST:
~~JiJ02
Nancy Gib , City Clerk