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Councilmember McGlone introduced the following resolution and moved for its adoption:
<br />RESOLUTION #11 -12 -236
<br />RESOLUTION ACCEPTING PROPOSAL ON THE NEGOTIATED SALE OF
<br />$3,090,000 GENERAL OBLIGATION IMPROVEMENT CROSSOVER REFUNDING
<br />BONDS,SERIES 2011B
<br />A. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City "),
<br />hereby determines and declares that it is necessary and expedient to provide moneys for a
<br />crossover refunding of the City's $4,335,000 original principal amount of General Obligation
<br />Improvement Bonds, Series 2005B, dated June 1, 2005 (the "Prior Bonds "), which mature on and
<br />after December 15, 2015; and
<br />B. WHEREAS, $2,895,000 aggregate principal amount of the Prior Bonds which
<br />matures or are subject to mandatory redemption on and after December 15, 2015, are callable on
<br />December 15, 2014 (the "Refunded Bonds "), at a price of par plus accrued interest, as provided
<br />in the resolution adopted on May 24, 2005, authorizing the issuance of the Prior Bonds (the
<br />"Prior Resolution "); and
<br />C. WHEREAS, the crossover refunding of the Refunded Bonds on December 15,
<br />2014 (the "Crossover Date ") is consistent with covenants made with the holders thereof, and is
<br />necessary and desirable for the reduction of debt service cost to the City; and
<br />D. WHEREAS, the City has entered into a Joint Powers Agreement with Anoka
<br />County dated April 12, 2005 (the "Joint Powers Agreement "), pursuant to which Anoka County
<br />agreed to pay a portion of the cost of the Improvements financed by the Prior Bonds and which
<br />Joint Powers Agreement is still in full force and effect.
<br />E. WHEREAS, the City Council hereby determines and declares that it is necessary
<br />and expedient to issue $3,090,000 General Obligation Improvement Crossover Refunding
<br />Bonds, Series 2011B (the "Bonds" or individually, a "Bond "), pursuant to Minnesota Statutes,
<br />Chapter 475, to provide moneys for a crossover refunding of the Refunded Bonds; and
<br />F. WHEREAS, as permitted by Minnesota Statues, Section 475.60,
<br />Subdivision 2(5), the public sale requirements do not apply to the Bonds; and
<br />G. WHEREAS, it is in the best interests of the City that the Bonds be issued in book -
<br />entry form as hereinafter provided.
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Ramsey, Anoka
<br />County, State of Minnesota, as follows:
<br />1. Acceptance of Offer. The offer of Northland Securities, Inc. (the "Purchaser "), to
<br />purchase the Bonds in accordance with the terms and at the rates of interest hereinafter set forth,
<br />and to pay therefor the sum of $3,086,127.35, plus interest accrued to settlement, is hereby
<br />accepted.
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