Agenda - Council - 11/12/2014 - Laserfiche WebLink

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Councilmember introduced the following resolution and moved for its adoption: RESOLUTION #14-11-235 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $875,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES, SERIES 2014A, AND LEVYING A TAX FOR THE PAYMENT THEREOF A. WHEREAS, the City of Ramsey, Minnesota (the "City"), has heretofore determined and declared that it is necessary and expedient to issue $875,000 General Obligation Equipment Certificates, Series 2014A (the "Certificates" or individually, a "Certificate"), pursuant to Minnesota Statutes, Chapter 475 and Minnesota Statutes, Sections 410.32 and 412.301, to finance the purchase of various items of capital equipment for the City (the "Equipment") and each item of equipment to be financed by the Certificates has an expected useful life at least as long as the term of the Certificates; and B. WHEREAS, the amount of the Certificates to be issued does not exceed one - quarter of one percent (0.25%) of the market value of the taxable property in the City ($ times 0.25% is $ ); and C. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), 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 proposals to purchase the Bonds have been solicited by Ehlers; and; D. WHEREAS, the proposals set forth on Exhibit A attached hereto were received by the Manager, or designee, at the offices of Ehlers at 10:00 a.m. this same day pursuant to the Preliminary Official Statement dated October 31, 2014; and E. WHEREAS, it is in the best interests of the City that the Certificates be issued in book -entry form as hereinafter provided; and NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1. Acceptance of Proposal. The proposal of (the "Purchaser"), to purchase the Bonds in accordance with the Preliminary Official Statement established for the Bonds, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ , plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted and the Bonds are hereby awarded to the Purchaser. The Administrator is directed to retain the deposit of the Purchaser and to return to the unsuccessful bidders any good faith checks or drafts. 2. Certificate Terms.