08-10165rRESOLUTION NO. 10165
RESOLUTION PROVIDING FOR THE SALE OF $9,480,000 GENERAL OBLIGATION
CAPITAL IMPROVEMENT BONDS, SERIES 2008A AND $4,550,000 GENERAL
OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 2009A
WHEREAS, the City Council of the City of Richfield, Minnesota, has heretofore determined
that it is necessary and .expedient to issue the City's $9,480,000 General Obligation
Capital Improvement Bonds, Series 2008A (the "Series 2008A Bonds") and $4,550,000
General Obligation Capital Improvement Bonds, Series 2009A, (the "Series 2009A Bonds,"
and collectively with the Series 2008A Bonds, the "Bonds") to finance the construction of a
new Police/Fire/City Hall Facility; and
WHEREAS, the City has retained Ehlers & Associates, Inc. in Minneapolis, Minnesota
("Ehlers"), as its independent financial advisor for the Bonds and is therefore authorized to
solicit proposals in accordance with Minnesota Statutes, Section 475;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota, as follows:
1. Previous Action. On June 24, 2008, the City Council held a public hearing and
adopted a resolution which approved the City's Capital Improvement Budget and Plan
for years 2008 through 2012 and provided preliminary approval to the issuance of
bonds thereunder.
2. Authorization; Findings. The City Council hereby authorizes Ehlers to solicit
proposals for the sale of the Bonds.
3. Meeting; Proposal Opening. The City Council shall meet at 7:00 p.m. on
November 25, 2008 for the purpose of considering sealed proposals for and awarding
the sale of the Series 2008A Bonds. The City Council shall meet at 6:00 p.m. on
December 10, 2008 for the purpose of considering sealed proposals for and awarding
the sale of the Series 2009A Bonds.
4. Terms of Proposal. The terms and conditions of the Bonds and the sale thereof
are fully set forth in the Bond Sale Report and are hereby approved and made a part
hereof.
5. Official Statement. In connection with said sale, the officers or employees of-the
City are hereby authorized to cooperate with Ehlers and participate in the preparation
of one or more official statements for the Bonds and to execute and deliver them on
behalf of the City upon its completion.
Adopted by the City Council of the City of Richfield, Minnesota this 28th day of October,
2008.
Debbie Goettel, Mayor
ATTEST:
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Nancy Gib ,City Clerk