Res 1992 - 54 Providing for the Competitive Negotiated Sale of $250,000 General Obligation Equipment Certificates of 1992\
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EXTRACT OF MINUTES OF A MEETING OF THE„
CITY COUNCIL OF THE Ol?-
CITY OF MENDOTA HEIGHTS, MINNESOTA ���
HELD: August 18, 1992
Pursuant to due call and notice thereof, a regular or special
meeting of the City Council of the City of Mendota Heights, Dakota
County, Minnesota, was duly held at the City Hall in said City on
the 18th day of August, 1992, beginning at 7:30 o'clock P.M. for
the purpose in part of authorizing the competitive negotiated sale
of the $250,000 General Obligation Equipment Certification of 1992,
of said City.
The following Councilmembers were present:
and the following were absent:
Councilmember Cummins
resolution and moved its adoption:
introduced the following
RESOLUTION NO. 92- 54
RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED
SALE OF $250,000
GENER.AL OBLIGATION EQUIPMENT CERTIFICATES OF 1992
A. WHEREAS, the City Council of the City of Mendota Heigh�s,
Minnesota, has heretofore determined that it is necessary and
expedient to issue the City's $250,000 General Obligation Equipment
Certificates of 1992 (the "Certificates"), to finance the
acquisition of various capital equipment for the City
(particularly, fire and street equipment); and
B. WHEREAS, the City has retained The Shaughnessy Com�
Saint Paul, Minnesota ("Shaughnessy"), as its independent fi
advisor for the Certificates and is therefore authorized
the Certificates by a competitive negotiated sale in acc
with Minnesota Statutes, Section 475.60, Subdivision 2(9):,
NOW THEREFORE, BE IT RESOLVED by the City Council of
of Mendota Heights, Minnesota as follows:
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1. Authorization; Findings. The Council hereby a-uthorizes
Shaughnessy to solicit bids for the competitive negotiated sale of
the Certificates. It is hereby found that the amount of the
Certificates to be issued, together with the General `Obligation
Equipment Certificates of 1987, dated December 1, 1987, does not
exceed one quarter of one percent (0.25�) of the market value of
the taxable property in the City. �
2. MeetinQ. The Council shall meet at the time and place
specified in the Terms of Proposal attached hereto as Exhibit A for
the purpose of opening and considering sealed bids for, and
awarding the sale of, the Certificates.
3. Terms of Proposal. The terms and conditions of the
Certificates and the negotiation thereof are fully set forth in the
��Terms of Proposal" attached hereto as Exhibit A and hereby
approved and made a part hereof.
4. Official Statement. In connection with said competitive
negotiated sale, the officers or employees of the City are hereby
authorized to cooperate with Shaughnessy and participate in the
preparation of an official statement for the Certificates and to
execute and deliver it on behalf of the City upon its completion.
The motion for the adoption of the foregoing resolution was
duly seconded by Councilmember Smith and, after full
discussion thereof and upon a vote being taken thereon, the
following Councilmembers voted in favor thereof:
Mayor Mertensotto, Councilmembers: Cummins, Koch, Smith
and the following voted against the same:None
Whereupon said resolution was declared duly passed and
adopted.
Adopted by the City Council of the City of Mendota Heights this
18th day of August, 1992.
ATTEST
SClr�O.._ �
Kathleen M. Swanson
City Clerk
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CITY COUNCIL
CITY OF MENDOTA HEIGHTS
By �.,,..� � . �.c�.�—.�
Charles E. Mertensotto
Mayor