1d. Calling for Sale 2005 (MnDOT Loan) and 2006A GO Bonds
CITY OF
CHANHASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone: 952.227.1100
Fax: 952.227.1110
Building Inspections
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Fax: 952.227.1190
Engineering
. Phone: 952:227.1160
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Recreation Center
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Natural Resources
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1591 Park Road
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Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Web Site
www.ci.chanhassen.mn.us
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MEMORANDUM
TO:
Mayor
City Council Members
FROM:
Greg Sticha, Finance Director
DA TE:
o~ . &.'1'
April 13, 2009
SUBJ:
Approval of Resolution Providing for the Sale of $6,265,000
General Obligation Improvement Refunding Bonds,
Series 2009A, to Refund the Outstanding G.O. Improvement Bonds,
Series 2006A, and the MNDOT 212 Improvement Loan
PROPOSED MOTION
Staff recommends the City Council adopt the following motion:
"The City Council approves a resolution Issuing $6,265,000 General Obligation
Improvement Refunding Bonds, Series 2009A, to refund the outstanding G.O.
Improvement Bonds, Series 2006A and the MNDOT 212 Improvement Loan."
Approval of this item requires a simple majority vote of those City Council
members present.
BACKGROUND
Earlier this evening in our work session, staff discussed the advantages of
refunding the 2006A GO Improvement Bonds and the 2005 MnDOT 212
Improvement Loan. The attached resolution calls for the sale of those bonds,
which will then be sold and awarded at the April 27, 2009 City Council meeting.
RECOMMENDA TION
Staff recommends that the City Council adopt a resolution providing for the sale
of $6,265,000 General Obligation Improvement Refunding Bonds, Series 2009A, to
refund the outstanding G.O. Improvement Bonds, Series 2006A and the MNDOT 212
Improvement Loan.
ATTACHMENTS
1. Resolution
Chanhassen is a Community for Life. Providing for Today and Planning for Tomorrow
-II-DGD
Debt Issuance Services
Resolution No.
Council Member
introduced the following resolution and moved its adoption:
Resolution Providing for the Sale of
$6,265,000 General Obligation Refunding Bonds, Series 2009A
A. WHEREAS, the City Council of the City of Chanhassen, Minnesota, has heretofore determined that it
is necessary and expedient to issue the City's $6,265,000 General Obligation Refunding Bonds, Series
2009A (the "Bonds"), to refund the outstanding $5,330,000 G.O. Improvement Bonds, Series 2006A,
maturities due in 2010 to 2014 and to refund the outstanding $3,057,124 General Obligation Local
Loan, Series 2005, maturities due in 2010 to 2017;
B. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its
independent financial advisor for the Bonds and is therefore authorized to solicit proposals in
accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9);
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chanhassen, Minnesota:
1. Authorization: Findings. The City Council hereby authorizes EWers to solicit proposals for the sale
of the Bonds.
2. Meeting: Proposal Opening. The City Council shall meet at 7:00 P.M. on May 11, 2009, for the
purpose of considering sealed proposals for and awarding the sale of the Bonds.
3. Official Statement. In connection with said sale, the officers or employees of the City are hereby
authorized to cooperate with Ehlers and participate in the preparation of an official statement for the
Bonds and to execute and deliver it on behalf of the City upon its completion.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member
and, after full discussion thereof and upon a vote being taken thereon, the
following Council Members voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
Dated this _ day of
,2009.
City Clerk