91-7766R21
RESOLUTION NO. 7766
RESOLUTION AUTHORIZING THE
NEGOTIATION OF THE SALE OF
GENERAL OBLIGATION REFUNDING BONDS
BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota, as follows:
1. The City Council has determined that it is in the best
financial interests of the City to refund in advance of their
maturity certain general obligation bonds of the City by the
issuance of refunding bonds.
2. The City has been advised by its financial adviser,
Evenson-Dodge, Inc., that the condition of the market for
municipal bonds is expected to improve soon so that the proposed
refunding issue will be financially feasible.
3. The City is authorized by Minnesota Statutes, Section
475.60 to negotiate the sale of the refunding bonds without
public bidding if in its judgment the City will be best served
thereby. The Council so finds.
4. Evenson-Dodge, Inc. is authorized to obtain proposals
for the purchase of the refunding bonds and to recommend a
purchaser to the City Council.
5. The City Council will meet in special or regular session
to consider proposals for the purchase of the refunding bonds on
a date recommended by the City Manager.
Adopted by the City Council of the City of Richfield this 8th of
July, 1991.
Martin J. Ki sch Mayor
ATTEST:
~C
r
Thomas P. Ferber City Clerk