01-10 Resolution No. 11324 RESOLUTION NO. 11324
RESOLUTION AUTHORIZING THE TRANSFER OF UNSPENT
PROCEEDS OF THE CITY'S GENERAL OBLIGATION STORM
WATER REVENUE BONDS, SERIES 2016A
BE IT RESOLVED By the City Council of the City of Richfield, Minnesota (the "City"), as
follows:
1. On May 19, 2016, the City issued its General Obligation Storm Water Revenue
Bonds, Series 2016A (the "Series 2016A Bonds"), in the original aggregate principal amount of
$2,970,000, to finance the construction of various improvements to the City's storm water system,
including but not limited to improvements to the Monroe Park—66th Street Storm Water Project(the
"2016 Project"). To date, proceeds of the Series 2016A Bonds in the amount of $787,000 remain
unspent.
2. Pursuant to Minnesota Statutes, Section 475.65, when a project financed with
bonds is completed and proceeds of the obligations issued to finance such project remain, the
unexpended bond proceeds may be devoted to any other public use authorized by law, and
approved by resolution adopted or vote taken in the manner required to authorize bonds for such
new use and purpose.
3. The 2016 Project has been completed, and the City has determined to transfer
unspent proceeds of the Series 2016A Bonds in the amount of$663,325 to pay the costs of the
Taft Lake Storm Water Project that were not paid by the proceeds of the City's General
Obligation Stormwater Revenue Bonds, Series 2013B (the "Series 2013B Bonds"), issued on
March 21, 2013, in the original aggregate principal amount of$2,770,000.
4. The City hereby approves the transfer of the unspent proceeds of the
Series 2016A Bonds, in the principal amount of $663,325 to pay the costs of the Taft Lake
Storm Water Project.
Adopted by the City Council of the City of Richfield, Minnesota, this 10th day of January,
2017.
1 it
Michael H.ward, Mayor Pro Tempore
ATTEST:
Elizabe VanHoose, City Clerk