Agenda - Council - 12/08/2020 - Laserfiche WebLink

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E. WHEREAS, the City will determine, in accordance with Minnesota Statutes, Section 475.521, Subd. 4, that the maximum principal and interest to become due in any year on the Outstanding CIP Bonds and Bonds issued by the City under Minnesota Statutes, Section 475.521, will be less than 0.16 percent of the estimated market value of property in the City; and F. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its independent municipal 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 G. WHEREAS, the proposals set forth on Exhibit A attached hereto were received by the Administrator, or designee, at the offices of Ehlers at 10:30 A.M. this same day pursuant to the Preliminary Official Statement for the Bonds, dated November 15, 2020; and H. WHEREAS, it is in the best interests of the City that the Bonds be issued in book - entry form as hereinafter provided; and NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Ramsey, 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, is hereby accepted and the Bonds are hereby awarded to the Purchaser. The Finance Director is directed to retain the deposit of the Purchaser and to forthwith return to the unsuccessful bidders their good faith checks or drafts. 2. Bond Terms. (a) Original Issue Date; Denominations; Maturities; Term Bond Option; Debt Limitations. The Bonds shall be dated December 30, 2020, as the date of original issue, be issued forthwith on or after such date in fully registered form, be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity (the "Authorized Denominations"), and shall mature on December 15 in the years and amounts as follows: Maturity Year Amount Maturity Year Amount 2032 $ 2037 $ 2033 2038 2034 2039 2035 2040 2036 2041 2 13011276v1