81-20A
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After due ~onsideration of the Bid councilmember
Swenson
introduced the following resolution
and moved its adoption:
RESOLUTION NO. 81-20A
RESOLUTION REJECTING BID FOR
$4,715,000 GENERAL OBLIGATION TAX
INCREMENT BONDS OF 1981, SERIES A:
AUTHORIZING THE NEGOTIATION AND
SALE OF THE BONDS
BE IT RESOLVED by the City Council of the City of
Chanhassen, Minnesota, as follows:
1. The Council by Resolution No. 81-2Uiuly authorized
the issuance and sale of $4,715,000 General Obligation Tax
Increment Bonds of 1981, Series A. (The "Bonds").
2. Notice (the "Notice of Sale") of the date, time and
place of the receipt of bids for the purchase of the Bonds
e was duly published in accordance with law.
3. A single bid (the "Bid") for the purchase of
the Bonds was received by the City on the date in accordance
with the Notice of Sale, and the Bid has been duly considered
by the Council.
4. It is hereby found and determined that it is in
the best interests of the sound financial management of the
City and the financing of the Chanhassen Downtown
Redevelopment Plan that the Bid be rejected, and the Bid is hereby
rejected.
5. The City is authorized by Minnesota Statutes,
Section 475.60, Subdivision 3, to reject the Bid and to award
the sale of the Bonds to any person who within 30 days hereafter
presents an offer complying with the terms of the Notice of
Sale and which is deemed more favorable than any bid previously received.
6. The City Manager, together with Juran & Moody, Inc.,
financial advisers to the City, is authorized and directed to
solicit offers for the purchase of the Bonds on the terms and
conditions of the Not~ce of Sale and to present such offers
to this Council for its consideration no later than August 4,
1981, but this Council reserves the right to award the sale
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of the Bonds to any purchaser presenting an offer in
conformance with the Notice of Sale prior to August 4, 1981.
The motion for the adoption of the foregoing resolution
was duly seconded by Councilmember
Horn
, and
upon vote being taken thereon, the following voted in favor
thereof: Mayor Hamilton, Councilmen Swenson, ..Neveaux, Geving
and Horn.
and the following votedaga~nst:
None
whereupon said resolution was declared duly passed and adopted.
ATTEST:
L.Q~ OL~g;o
Don Ashworth, City 'Manager
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STATE OF MINNESOTA
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COUNTIES OF CARVER AND HENNEPIN
CITY OF CHANHASSEN
I, the undersigned, being the duly qualified and acting
Manager of the City of Chanhass~n, Minnesota do hereby certify
that I have carefully compared the attached and foregoing
extract of minutes of a regular meeting of the City Council
held on July 6, 1981, with the original thereof on file in
my office and the same is a full, true and complete transcript
therefrom insofar as the same relates to the rejection of bids
for the sale of $4,715,000 General Obligation Tax Increment
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Bonds of 1981, Series A, of the City.
WITNESS My hand as Manager and the corporate seal of the
City this
22nd
, 1981.
July
day of
d2 {k,~~
City Manager
City of Chanhassen, Minnesota
(SEAL)
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