HomeMy WebLinkAbout03-38 RESOLUTION 03-38
A RESOLUTION AUTHORIZING NEGOTIATED SALE
OF $1,975,000 GENERAL OBLIGATION IMPROVEMENT BONDS
OF 2003
Motion By: PETERSEN Second By: LEMAIR
WHEREAS, the City of Prior Lake has conducted the appropriate public hearings to consider comments
regarding those public improvement projects deemed necessary for construction in 2003;
and
WHEREAS, the City Council has determined that such construction projects scheduled for 2003 are
'consistent with the City's Capital Improvement Plan (CIP); and
WHEREAS, the City of Prior Lake has complied with all requirements of Chapter 429 of Minnesota State
Statutes with respect to special assessment improvement projects; and
WHEREAS, actual constructi°n is scheduled to begin in early summer of 2003; and
WHEREAS, it is necessary to issue general obligation bonds for the purpose of financing these
construction improvements.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA that:
1. The recitals set forth above are incorporated herein.
2. It is in the best interest of the City of Prior Lake to enter into a negotiated sale with 'Northland
Securities in an effort to obtain the lowest interest rate possible for the issuance of $1,975,000 of
general obligation improvement bonds.
3. The City Manager is hereby authorized to convene a special meeting to approve the bond sale
pursuant to the procedural requirements of State law.
PASSED AND ADOPTED THIS 17th DAY OF MARCH, 2003.
YES NO
Haugen X Haugen
Blomberg X Blomberg
LeMair X LeMair
Petersen X Petersen
Zieska Absent Zieska Absent
City Manager, City ,of Prior Lake
16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (952) 447-4230 / Fax (952) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER