Res 2007- 27 Sale of GO Bonds Series 2007AResolution No. 07-27
Council Member —Vitelli— introduced the following resolution and moved its adoption:
Resolution Providing for the Sale of
$2,810,000 General Obligation Bonds Series 2007A
A. WHEREAS, the City Council of the City of Mendota Heights, Minnesota, has heretofore
determined that it is necessary and expedient to issue General Obligation Bonds Series 2007A
(the "Bonds"), to finance the cost of acquiring and improving a golf course in the City; and
B. WHEREAS, the public voted on $2,790,000 bond amount for project costs, capitalized
interest and costs of issuance and
C. WHEREAS, Minnesota Statutes, Section 475.56 allows the City Council the choice of
adding up to two percent on top of the stated amount on the ballot for underwriter's
discount; and
D. WHEREAS, the underwriter's discount, similar to points on a mortgage, enables the
potential purchasers of the Bonds flexibility to provide the overall lowest interest cost to the
City's taxpayers and reduce the anticipated tax impact on taxpayers to a level lower than
offering Bonds without a discount; and
E. WHEREAS, the $2,810,000 is a "worst case" size of the Bonds and the actual bids by
underwriters maybe substantially less than $2,810,000; and
F. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota
("Ehlers"), as its independent financial advisor for the Bonds and is therefore authorized to
solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9);
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mendota Heights,
Minnesota:
Authorization; Findings. The City Council hereby authorizes Ehlers to solicit proposals for the
sale of the Bonds.
2. Meeting; Proposal Opening. The City Council shall meet at 7:30 P.M. on June 5, 2007, for the
purpose of considering sealed proposals for and awarding the sale of the Bonds.
3. 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 an official
statement for the Bonds 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 Council Member
—Schneeman — and, after fall discussion thereof and upon a vote being taken thereon, the following
Council Members voted in favor thereof-
and the following voted against the same: none
Adopted by the City Council of the City of Mendota Heights This 1St day of May, 2007.
ATTEST:
By ,,/ �.
Kathleen M. Swanson, City Clerk
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
By -
John ei lYI or