83-29A
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RESOLUTION 83-29A
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Council member Gevinq
resolution and moved its adoption:
introduced the following
RESOLUTION REQUESTING THE EXTENSION OF THE QUALIFICATION
PERIOD OF MBIA INSURANCE COVERAGE FOR THE NOT TO EXCEED
$5,185,000 GENERAL OBLIGATION TAX INCREMENT REFUNDING
BONDS OF 1983 AND THE NOT TO EXCEED $4,350,000 GENERAL
OBLIGATION IMPROVEMENT REFUNDING BONDS OF 1983
BE IT RESOLVED by the City of Chanhassen, Minnesota (the City),
as follows:
The City wishes to extend the qualification period by the maximum
time permisSible for MBIA coverage with respect to insuring the
refunding bond issues described above, enabling these issues to be
rated AAA by Standard and Poor's Corporation. Presently, the
qualification period expires on July 22, 1983. We have been advised
by the City's financial advisor, Juran & Moody, Inc., that an
extension is necessary due to the fact that the issues, if awarded,
cannot be closed on or prior to the present expiration date. The
Ci ty intends to offer the 1 ssues for competi t ive sale by the end of
July and estimates closing within twenty to forty-five days after the
award.
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The City, by this Resolution, represents to the Municipal Issuers
Service Corporation, for the the express purpose of extending the
MBIA insurance coverage qualification period beyond the present
July 22, 1983, expiration date, that no changes of a material or
adverse nature have occurred since the date of the City's last
Official Statement, April 6, 1983, and that reliance upon
representations made in that document are reasonable and accurate.
Furthermore, should any changes of a material or adverse nature
subsequently occur prior to the sale and award of the bond issues,
the City will advise the Municipal Issuers Service Corporation of
such changes. The City will also provide the Municipal Issuers
Service Corporation with the revised notice of sale and other revised
data, prepared on the City's behalf by its financial advisor, which
constitutes a disclosure relevant to the sale and is distributed to
prospective purchasers for the purpose of soliciting competitive bids
for the refunding issues offered for sale on a date yet to be
de~~food. \il ~~ I &; fl
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Attest: ~
C; ty nager
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This motion for the adoption of the foregoing Resolution was duly
seconded by Council member Watson and upon the vote
being taken thereon, the following voted in favor thereof:
Mayor Hamilton, Councilmembers Swenson, Watson and Geving.
and the following voted against the same: None
whereupon said Resolution was declared duly passed and adopted at
a regular meeting of the City Council on June 21 , 1983.
Members present:
Mayor Hamiltont: Cauncilmembers Swenson,
Watson and Geving
Members absent:
Councilmember Horn
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