Resolution - #11-10-184 - 10/11/2011

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Councilmember Elvig introduced the following resolution and moved for its adoption: RESOLUTION #11 -10 -184 RESOLUTION APPROVING THE ISSUANCE OFGENERAL OBLIGATION CROSSOVER REFUNDING IMPROVEMENT BONDS, SERIES 2011B BE IT RESOLVED by the City Council of the City of Ramsey (herein, the "City "), State of Minnesota as follows: 1. The City Council hereby finds and declares that it is necessary and expedient for the City to sell and issue its general obligation crossover refunding improvement bonds (herein, the "Bonds ") in an aggregate principal amount not to exceed $3,115,000. Proceeds of the Bonds will be used to crossover refund on December 15, 2014 the December 15, 2015 through 2025 maturities of the City's General Obligation Improvement Bonds, Series 2005B, dated June 1, 2005 as date of original issue and to pay the costs of issuing the Bonds. 2. The City Council desires to proceed with the sale of the Bonds by direct negotiation to Northland Securities, Inc. (herein, "NSI). The Finance Director and the City Administrator are hereby authorized to approve the sale of the Bonds in an aggregate principal amount of not to exceed $3,115,000 and to execute a bond purchase agreement for the purchase of the Bonds with NSI, provided the total net savings is at least $110,000 and the savings meet the 3% savings test as set forth in Minnesota Statutes 475.67, subdivision 12. 3 Upon approval of the sale of the Bonds by the Finance Director and the City Administrator, the City Council will take action at its next regularly scheduled meeting thereafter to adopt the necessary approving resolutions as prepared by the City's bond counsel. 4 NSI is authorized to prepare and distribute an Official Statement related to the sale of the Bonds. 5. If the Finance Director and the City Administrator have not approved the sale of the bonds to NSI and executed the related bond purchase agreement by March 31, 2012, this resolution shall expire. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Wise, and upon vote being taken thereon, the following voted in favor thereof: Mayor Ramsey Councilmember Elvig Councilmember Wise Councilmember McGlone Councilmember Strommen Councilmember Tossey and the following voted against the same: None and the following abstained: None and the following were absent: