90-18
,(
.
e
.e
Extract of Minutes of Meeting
of the City Council of the City
of Chanhassen, Carv~r and Hennepin Counties, Minnesota
Pursuant to due call and notice thereof a regular meeting of the City Council of the
City of Chanhassen, Carver and Hennepin Counties, Minnesota, was held at the City Hall in
the City on Monday, February 12, 1990, commencing at 7:30 P.M.
The following members of the Council were present: Mayor Chmiel, Johnson,
Workman, Dimler and Boyt
and the following were absent: None
The following resolution was presented by Councilmember Johnson who moved its
adoption:
RESOL UTION NO. 90-18
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $2,690,000 GENERAL OBLIGATION
REFUNDING TAX INCREMENT BONDS, SERIES 1990A
BE IT RESOLVED By the City Council of the City of Chanhassen, Carver and Hennepin
Counties, Minnesota (City) as follows:
1. It is hereby determined that:
(a) the City is authorized by the provisions of Minnesota Statutes, Chapter 475 (Act)
and Section 475.67, Subdivision 13 of the Act to issue and sell its general
obligation bonds to refund outstanding bonds when determined by the City
Council to be necessary and desirable;
..
e
(b) Springsted, Incorporated, financial adviser to the City has recommended to this
Council a program refunding the Refunded Bon~. It is fomd and determined
that the refunding program is feasible and in the best interests of the City and
the Housing and Redevelopment Authority and the Downtown Redevelopment
Project Area. It is further found and determined that it is necessary and
desireable that the City issue and sell its $2,690,000 General Obligation
Refunding Tax Increment Bonds, Series 1990A (Bonds) to refund in advance of
maturity and at their redemption date certain general obligations of the City.
(c) the outstanding bonds to be refunded (Refunded Bonds) consist of the General
Obligation Refunding Tax Increment Bonds of 1983, dated August 1, 1983, of
which $3,840,000 in principal amount is callable on February 1, 1996.
(d) the City is authorized by Section 475.60, Subdivision 2(5) of the Act to negotiate
the sale of the Bonds without complying with the provisions of the Act relating to
public sale of bonds.
2. Springsted, Incorporated, the City Manager and bond counsel are authorized and
directed to take appropriate actions to negotiate the sale of the Bonds, including the
preparation of an Offering Statement therefor, and to report to the City Council at its
regular meeting on Monday, March 5, 1990 with recommendations regarding the award of
the sale of the Bonds.
The motion for the adoption of the foregoing resolution was duly seconded by
e Councilmember Workman, and upon vote being taken thereon the following members voted
in favor of the motion: Mayor Chmiel, Johnson, Workman, Dimler and Boyt
and the following voted against: None
whereupon the resolution was declared duly passed and adopted.
:e
..
.
e
e
.
.
STATE OF MINNESOTA )
)
COUNTIES OF CARVER )
AND HENNEPIN )
)
CITY OF CHANHASSEN )
I, the undersigned, being the duly qualified and acting City Manager of the City
of Chanhassen, Minnesota, hereby certify that I have carefully compared the attached and
foregoing extract of minutes of a regular meeting of the City Council of the City held on
Monday, February 12, 1990, with the original minutes on file in my office and the extract is
a full, true and correct copy of the minutes, insofar as they relate to the issuance and sale
of $2,690,000 General Obligation Refunding Tax Increment Bonds, Series 1990A of the City.
WITNESS My hand as City Manager and the corporate seal of the City this ~ ~
day of
~
, 1990.
u ()zscY:J
City Manager
City of Chanhassen, Minnesota
(SEAL)