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<br />Councilmember Musgrove introduced the following resolution and moved its adoption:
<br />
<br />RESOLUTION #21-276
<br />
<br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $9,845,000
<br />GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN REFUNDING BONDS,
<br />SERIES 2021A AND LEVYING A TAX FOR THE PAYMENT THEREOF
<br /> WHEREAS
<br />A., the City Council of the City of Ramsey, Minnesota (the "City"),
<br />hereby determines and declares that it is necessary and expedient to issue $10,700,000 General
<br />Obligation Capital Improvement Plan Refunding Bonds, Series 2021A (the "Bonds" or
<br />individually, a "Bond"), pursuant to Minnesota Statutes, Chapter 475, to provide moneys for a
<br />current refunding of the City's outstanding General Obligation Capital Improvement Plan Bonds,
<br />Series 2012A, in the original principal amount of $16,875,000, dated June 1, 2012 (the "Prior
<br />Bonds"); and
<br /> WHEREAS
<br />B., $10,510,000 aggregate principal amount of the Prior Bonds which
<br />matures on and after December 15, 2022 (the "Refunded Bonds"), is callable on December 15,
<br />2021 (the "Call Date"), at a price of par plus accrued interest, as provided in the resolution
<br />adopted by the City Council on May 8, 2012 (the "Prior Resolution"); and
<br /> WHEREAS
<br />C., based upon information presently available from the City's
<br />municipal advisor, the refunding of the Refunded Bonds on the Call Date is consistent with
<br />covenants made with the holders thereof, and is necessary and desirable for the reduction of debt
<br />service cost to the City; and
<br /> WHEREAS
<br />D., the City has previously issued its (i) General Obligation Capital
<br />Improvement Plan Bonds, Series 2015A in the original principal amount of $3,880,000, dated
<br />June 18, 2015; and (ii) General Obligation Capital Improvement Plan Bonds, Series 2020A in the
<br />original principal amount of $9,055,000, dated December 30, 2020, and pursuant to Minnesota
<br />Statutes, Section 475.521 (together, the "Outstanding CIP Bonds"); and
<br /> WHEREAS
<br />E., the City hereby determines, in accordance with Minnesota Statutes,
<br />Section 475.521, Subd. 4, that the maximum principal and interest to become due in any year on
<br />the Outstanding CIP Bonds and Bonds issued by the City under Minnesota Statutes, Section
<br />475.521, will be less than 0.16 percent of the estimated market value of property in the City; and
<br /> WHEREAS
<br />F., the City has retained Ehlers & Associates, Inc., in Roseville,
<br />Minnesota ("Ehlers"), as its independent municipal advisor for the sale of the Bonds and was
<br />therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota
<br />Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been
<br />solicited by Ehlers; and
<br /> WHEREAS
<br />G., the proposals set forth on Exhibit A attached hereto were received
<br />by the Administrator, or designee, at the offices of Ehlers at 10:30 A.M. this same day pursuant
<br />to the Preliminary Official Statement for the Bonds, dated September 16, 2021; and
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