2025-10-28 Resolution 12362EXTRACT OF MINUTES OF MEETING
OF THE CITY COUNCIL OF THE
CITY OF RICHFIELD
HENNEPIN COUNTY, MINNESOTA
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Richfield,
Minnesota, was duly held in the City Hall in said City on October 28, 2025, commencing at 7:00 o’clock
p.m.
The following members were present:
Mayor Pro Tempore Hayford Oleary, Council Member Burk, Council Member Christensen, and Council
Member Coleman-Woods.
and the following were absent:
Mayor Supple.
Council Member Burk introduced the following resolution and moved its adoption:
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RESOLUTION NO. 12362
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
GENERAL OBLIGATION SALES TAX BONDS, SERIES 2025A, IN
THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF
$6,160,000; AND TAKING OTHER ACTIONS WITH RESPECT
THERETO
BE IT RESOLVED By the City Council (“Council”) of the City of Richfield, Minnesota (the
“City”), as follows:
1. Background; Authorization.
(a) The City is authorized, pursuant to Laws of Minnesota 2023, Chapter 64, Article
10, Section 44 (the “Special Law”) and Minnesota Statutes, Chapter 475, as amended (the “Act”),
to finance the construction of certain regional projects through the issuance of general obligation
bonds.
(b) The Special Law provides, in part, that general obligation bonds may be issued to
finance the construction of certain regional projects in the City, including the Wood Lake Nature
Center (the “Wood Lake Project”) in the principal amount not to exceed $11,000,000, and the
Veterans Park Complex (the “Veterans Park Project”) in the principal amount not to exceed
$9,000,000, plus associated bonding costs, and that the bonds for the Wood Lake Project and the
Veterans Park Project may be paid from or secured by any funds available to the City, including a
sales and use tax. The Wood Lake Project and the Veterans Park Project are collectively referred
to as the “Projects.”
(c) In a November 5, 2024 special election, a majority of City voters approved a ballot
question relating to the imposition of a sales and use tax of one-half of one percent (0.50%) (the
“Sales and Use Tax”) for twenty (20) years after first being imposed or when the Council
determines that the amount received from the Sales and Use Tax is sufficient to pay for the costs
of the Projects and another project authorized by the Special Law, whichever comes first. The
Council has approved an ordinance imposing the Sales and Use Tax.
(d) On December 30, 2024, the City issued its General Obligation Sales Tax Bonds,
Series 2024A, the original aggregate principal amount of $10,000,000, to finance the Wood Lake
Project, leaving a remaining unused bonding authority of $1,000,000 for that project.
(e) The Council hereby finds and determines that it is necessary and expedient to the
sound financial management of the affairs of the City to authorize the issuance of its General
Obligation Sales Tax Bonds, Series 2025A (the “Bonds”), in the aggregate principal amount not to
exceed $6,160,000, pursuant to the Special Law and the Act, to finance a portion of the Projects,
and related financing costs.
2. Sale of Bonds. The City has retained Ehlers and Associates, Inc. (the “Municipal
Advisor”), to serve as the City’s independent municipal advisor with respect to the offer and sale of the
Bonds and, therefore, is authorized by Section 475.60, subdivision 2(9), of the Act to sell the Bonds other
than pursuant to a competitive sale.
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3. Authority of Municipal Advisor. The Municipal Advisor is authorized and directed to
assist the City in the preparation and dissemination of a Preliminary Official Statement to be distributed to
potential purchasers of the Bonds and to open, read, and tabulate the proposals for the purchase of the Bonds
for presentation to the Council. The Municipal Advisor is further authorized and directed to assist the City
in the award and sale of the Bonds on behalf of the City after receipt of written proposals and to assist the
City in the preparation and dissemination of a final Official Statement with respect to the Bonds.
4. Acceptance of Proposal. The Council shall meet at the time specified in the Preliminary
Official Statement or at such other time designated by the Council to receive and consider proposals for the
purchase of the Bonds and take any other appropriate action with respect to the Bonds.
5. Authority of Bond Counsel. The law firm of Kennedy & Graven, Chartered, is authorized
to act as bond counsel for the City (“Bond Counsel”), and to assist in the preparation and review of
necessary documents, certificates, and instruments related to the Bonds. The officers, employees, and
agents of the City are hereby authorized to assist Bond Counsel in the preparation of such documents,
certificates, and instruments.
6. Reimbursement from Bond Proceeds. The City may incur certain expenditures that may
be financed temporarily from sources other than the Bonds and reimbursed from the proceeds of the Bonds.
Treasury Regulation § 1.150-2 (the “Reimbursement Regulations”) provides that proceeds of tax -exempt
bonds allocated to reimburse expenditures originally paid from a source other than the tax-exempt bonds
will not be deemed expended unless certain requirements are met. In order to preserve its ability to
reimburse certain costs from proceeds of the Bonds in accordance with the Reimbursement Regulations,
the City hereby makes its declaration of official intent (the “Declaration”) described below to reimburse
certain costs
(a) Declaration of Intent. The City proposes to issue the Bonds to finance the costs of
the Projects. The City may reimburse original expenditures made for certain costs of the Projects
from the proceeds of the Bonds in an estimated maximum principal amount of $6,160,000. All
reimbursed expenditures will be capital expenditures, costs of issuance of the Bonds, or other
expenditures eligible for reimbursement under Section 1.150-2(d)(3) of the Reimbursement
Regulations.
(b) Declaration Made Not Later Than 60 Days. This Declaration has been made not
later than sixty (60) days after payment of any original expenditure to be subject to a reimbursement
allocation with respect to the proceeds of the Bonds, except for the following expenditures:
(a) costs of issuance of the Bonds; (b) costs in an amount not in excess of $100,000 or five percent
(5%) of the proceeds of the Bonds; or (c) “preliminary expenditures” up to an amount not in excess
of twenty (20) percent of the aggregate issue price of the Bonds that finance or are reasonably
expected by the City to finance the Projects for which the preliminary expenditures were incurred.
The term “preliminary expenditures” includes architectural, engineering, surveying, bond issuance,
and similar costs that are incurred prior to commencement of acquisition, construction, or
rehabilitation of the Projects, other than land acquisition, site preparation, and similar costs incident
to commencement of construction.
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(c)Reasonable Expectations; Official Intent. This Declaration is an expression of the
reasonable expectations of the City based on the facts and circumstances known to the City as of
the date hereof. The anticipated original expenditures for the Projects and the principal amount of
the Bonds described in Section 6(a), above, are consistent with the City’s budgetary and financial
circumstances. No sources other than proceeds of the Bonds to be issued by the City are, or are
reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside pursuant
to the City’s budget or financial policies to pay such original expenditures. This Resolution is
intended to constitute a declaration of official intent for purposes of the Reimbursement
Regulations.
The motion for the adoption of the foregoing resolution was duly seconded by
C o u n c i l Member Christensen, and upon vote being taken thereon, the following voted in favor of
the motion:
Mayor Pro Tempore Hayford Oleary, Council Member Burk, Council Member Christensen, and
Council Member Coleman-Woods.
and the following voted against: None
whereupon the resolution was declared duly passed and adopted on October 28, 2025.
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STATE OF MINNESOTA )
)
COUNTY OF HENNEPIN ) ss.
)
CITY OF RICHFIELD )
I, the undersigned, being the duly qualified City Clerk of City of Richfield, Hennepin County,
Minnesota (the “City”), do hereby certify that I have carefully compared the attached and foregoing extract of
minutes of a regular meeting of the City Council of the City held on October 28, 2025, with the original minutes
on file in my office, and the extract is a full, true, and correct copy of the minutes insofar as they relate to they
relate to authorizing the issuance of the City’s General Obligation Sales Tax Bonds, Series 2025A, in the
maximum aggregate principal amount of $6,160,000.
WITNESS My hand officially as such City Clerk this 28th day of October, 2025.
Clerk of the City
City of Richfield, Hennepin County, Minnesota