Agenda - Council - 03/13/2012 - Laserfiche WebLink

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CouncilMember adoption: introduced the following resolution and moved for its RESOLUTION #12-03-XXX RESSOLUTION APPROVING THE ISSUANCE OF GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2012A NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, 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 Capital Improvement Plan Bonds (herein, the "Bonds") in an aggregate principal amount not to exceed $18,500,000. Proceeds of the Bonds will be used to acquire the existing city hall and public safety facility which will require a full net advance refunding on April 26, 2012 of the December 15, 2012 through 2027 maturities of the Economic Development Authority's Public Project Lease Revenue Bonds, Series 2005A, 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). NSI will purchase the Bonds in an arm's-length commercial transaction with the City 3. 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 $18,500,000 and to execute a bond purchase agreement for the purchase of the Bonds with NSI, provided the True Interest Cost (TIC) does not exceed 3.50%. 4 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. 5 NSI is authorized to prepare and distribute an Official Statement related to the sale of the Bonds. 6. 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 December 31, 2012, this resolution shall expire. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember , and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: and the following abstained: and the following were absent: Whereupon said resolution was declared duly passed and adopted. by the Ramsey City Council this the 13th day of March, 2012.