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HomeMy WebLinkAbout2023-062MWTITWI#� �61 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2023B, IN THE PROPOSED AGGREGATE PRINCIPAL AMOUNT OF $2,895,000 BE IT RESOLVED By the City Council of the City of Columbia Heights, Minnesota (the "City") as follows: Section 1. Authorization. (a) The City is authorized by Minnesota Statutes, Chapters 429 and 475, as amended (the "Act"), to issue obligations in an amount deemed necessary to defray in whole or in part the expense incurred and estimated. to be incurred in making improvements authorized by the Act. (b) Certain assessable public improvements in the City (the "Improvements") have been made, duly ordered, or contracts let pursuant to the provisions of the Act. (c) The City proposes to issue its General Obligation Improvement Bonds, Series 2023B (the "Bonds"), in the proposed aggregate principal amount of $2,895,000, pursuant to the Act, to provide financing for the Improvements. (d) The City is authorized by Section 475.60, subdivision 2(9) of the Act to negotiate the sale of the Bonds, it being determined that the City has retained an independent municipal advisor in connection with such sale. The actions of the City staff and municipal advisor in negotiating the sale of the Bonds are ratified and confirmed. in all aspects. Section 2. Sale of the Bond. The City Council finds it necessary and expedient to the sound financial management of the affairs of the City to issue the Bonds in the proposed aggregate principal amount of $2,895,000, pursuant to the Act, to provide financing for the Improvements. The Bonds will be issued, sold, and delivered in accordance with the Terms of Proposal to be prepared in connection with the offering and the sale of the Bonds. Section 3. Authority of Municipal Advisor. Ehlers and Associates, Inc. (the "Municipal Advisor") is authorized and directed to negotiate the Bonds. The City Council will meet on Monday, November 27, 2023 (or such other date as the City Council shall deem appropriate) to consider proposals for the purchase of the Bonds and to take any other appropriate action with respect to the Bonds. Section 4. Authority of Bond Counsel. The law firm of Kennedy & Graven, Chartered, as bond counsel for the City ("Bond Counsel"), is authorized to act as bond counsel and to assist in the preparation and review of necessary documents, certificates, and instruments relating to the Bond. The officers, employees, and agents of the City are hereby authorized to assist Bond Counsel in the preparation of such documents, certificates, and instruments. Section 5. Covenants. In the resolution awarding the sale of the Bonds, the City Council will set forth the covenants and undertakings required by the Act. CL162-69-909320.vl Section 6. Official Statement. In connection with the sale of the Bonds, the officers or employees of the City are authorized and directed to cooperate with the Municipal Advisor and participate in the preparation of an official statement for the Bonds and to deliver it on behalf of the City upon its completion. Section 7. Declaration of Official Intent to Reimburse Certain Costs from Proceeds of the Bonds. The City hereby makes this declaration of official intent (the "Declaration") to reimburse the expenditures made for certain costs of the Improvements, from the proceeds of the Bonds in accordance with Treasury Regulations, Section 1.150-2 (the "Reimbursement Regulations"). All reimbursed expenditures will be capital expenditures, costs of issuance of the bonds, or other expenditures eligible for reimbursement under Section 1.150-2(d)(3) of the Reimbursement Regulations. This Declaration has been made not later than sixty (60) days after payment of any original expenditure to be subject to a reimbursement allocation with respect to the proceeds of tax-exempt bonds, except for the following expenditures: (a) costs of issuance of bonds; (b) costs in an amount not in excess of the lesser of $100,000 or five percent (5%) of the proceeds of an issue; or (c) "preliminary expenditures" up to an amount not in excess of twenty percent (20%) of the aggregate issue price of the issue or issues that finance or are reasonably expected by the City to finance the project for which the preliminary expenditures were incurred. The term "preliminary expenditures" includes architectural, engineering, surveying, soil testing, bond issuance, and similar costs that are incurred prior to commencement of acquisition, construction, or rehabilitation of a project, other than land acquisition, site preparation, and similar costs incident to commencement of construction. (The remainder of this page is intentionally left blank.) 2 CL 162-69-909320.v t Approved this 23 d day of October, 2023, by the City Council of the City of Columbia Heights, Minnesota. Offered by:° -- Seconded by: Avl 1i Roll Call: L-S-2 a- ' I` .�. IMayor ATTEST: Sara on, City Clerk/Council Secretary 3 CL 162-69-909320.v 1