2010-85B EXTRACT OF MINUTES OF A MEETING
OF THE CITY COUNCIL OF THE CITY OF CHANHASSEN, MINNESOTA
HELD: Monday, September 27, 2010
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Chanhassen, Minnesota, was duly held on Monday, September 27, 2010 at 7:00 p.m.
Member McDonald introduced the following resolution and moved its adoption:
RESOLUTION #2010 -85B
APPROVING THE AUTHORIZATION FOR THE ISSUANCE OF
GENERAL OBLIGATION WATER REVENUE REFUNDING BONDS, SERIES 2010B
BE IT RESOLVED by the City Council of the City,of Chanhassen, Minnesota (the
"City ") as follows:
1. The City Council hereby finds and declares that it is necessary and expedient for the City
to sell and issue its fully registered general obligation water revenue refunding bonds in
the total aggregate principal amount of not to exceed $9,150,000 (herein, the "Bonds ").
The proceeds of the Bonds will be used, together with any additional funds of the City
which might be required for crossover refunding of the City's (a) $7,930,000 original
principal amount of General Obligation Water Revenue Bonds, Senes 2004B, dated
August 10, 2004, which mature on and after February 1, 2015, and (b) $5,465,000
onginal principal amount of General Obligation Water Revenue Bonds, Serves 2005B,
dated November 16, 2005, which mature on and after February 1, 2014; and (c) pay the
costs associated with issuing the Bonds .
2. The City Council desires to proceed with the sale of the Bonds by solicitation of bids to
be undertaken by Ehlers and Associates, Inc. ( "Ehlers ").
3. The Mayor and the Finance Director are hereby authorized to approve the sale of the
Bonds in an aggregate principal amount of not to exceed $9,150,000 and to execute a
bond purchase agreement for the purchase of the Bonds with the lowest responsible
bidder, provided the present value of the dollar amount of the debt service on the Bonds
computed to their stated maturity dates, after deducting any premium, is lower by at least
4 percent than the present value of the dollar amount of debt service on the refunded
bonds.
4. Upon approval of the sale of the Bonds by the Mayor and the Finance Director, the City
Council will take action at its next regularly scheduled meeting thereafter to adopt the
necessary approving resolutions as prepared by the City's bond counsel.
5. Ehlers is authorized to prepare an Official Statement related to the sale of the Bonds.
6. If the Mayor and Finance Director have not approved the sale of the bonds and executed
the related documents by February 28, 2011, this resolution shall expire.
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The motion for the adoption of the foregoing resolution was duly seconded by Member Litsey,
and upon vote being taken thereon, the following voted in favor thereof: Furlong, Ernst, Litsey,
McDonald & Tjornhom
And the following voted against the same: None
Whereupon said resolution was declared duly passed and adopted.
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