Agenda - Council - 08/23/2011 - Laserfiche WebLink

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF RAMSEY, MINNESOTA HELD: August 23, 2011 Pursuant to due call, a regular or special meeting of the City Council of the City of Ramsey, Anoka County, Minnesota, was duly held at the City Hall on August 23, 2011, at 7:00 P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of $4,365,000 General Obligation Bonds, Series 2011A. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $4,365,000 GENERAL OBLIGATION BONDS, SERIES. 2011A, PLEDGING FOR THE SECURITY THEREOF SPECIAL ASSESSMENTS AND LEVYING A TAX FOR THE PAYMENT THEREOF A. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City"), has heretofore determined and declared that it is necessary and expedient to issue $4,365,000 General Obligation Bonds, Series 2011A (the "Bonds" or individually a "Bond"), pursuant to Minnesota Statutes, Chapters 475 and 429 to finance various public improvements (the "Public Improvements") and pursuant to Minnesota Statutes, Chapters 475 and 162 to finance the costs associated with State -Aid street projects, consisting of street improvements to East Bunker Lake Boulevard and Armstrong Boulevard (the "State -Aid Improvements" and, together with the "Public Improvements", the "Improvements"); and B. WHEREAS, the Public Improvements and all their components have been ordered prior to the date hereof, after a hearing thereon for which notice was given describing the Improvements or all their components by general nature, estimated cost, and area to be assessed; and C. WHEREAS, the State -Aid Improvements and all their components have been ordered prior to the date hereof, and have been or will be constructed by the City under contracts which the City has or will let, all pursuant to and in accordance with the applicable provisions of Minnesota Statutes, Chapter 162; and D. WHEREAS, the City has retained Blue Rose Capital Advisors, Inc., in Minneapolis, Minnesota as its independent financial advisor for the sale of the Bonds, and was therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); and E. WHEREAS, it is in the best interests of the City that the Bonds be issued in book - entry form as hereinafter provided; and 4057760v3