HomeMy WebLinkAboutCity Council Resolution 2009-243CITY OF PLYMOUTH
RESOLUTION No. 2009-243
A RESOLUTION APPROVING THE SOLICITATION OF
SERIES 2009A AND 2009B BONDS REFUNDING SERIES 1998A AND 19980
WHEREAS, General Obligation Tax Increment Bonds (Series 1998A) were issued on
October 1, 1998, in the amount of $2,900,000 to provide funding for the Village at Bassett Creek
project; and
WHEREAS, General Obligation Bonds (Series 1998C) were issued on December 1,
1998, in the amount of $4,500,000 to provide fiinding to constrict, equip and furnish buildings
for an activity center, field house and other public purposes; and
WHEREAS, the City's financial advisor periodically provides updates on potential
refunding opportunities on existing bond issues; and
WHEREAS, interest rates are at an historically low rate and it is desirable to refund the
existing bond issues that would result in debt service savings to the City and its taxpayers; and
WHEREAS, the City is authorized to issue $2,545,000 General Obligation tax increment
bonds to refund the remaining portion of the 1998A series bonds; and
WHEREAS, the City is authorized to issue $1,515,000 General Obligation bonds to
refund the remaining portion of the 1998C bonds; and
WHEREAS, the terms outlined in the proposed bond schedule provide for opening bids
on October 27, 2009, and awarding the sale of the bonds at the regular council meeting that
evening.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE
CITY OF PLYMOUTH, MINNESOTA
1. It is in the best interest of the City to issue General Obligation tax increment bonds in the
amount of $2,545,000 and General Obligation bonds in the amount of $1,515,000.
2. The financial advisor for the City, Ehlers and Associates Inc., is hereby authorized to solicit
proposals for the bonds on behalf of the City.
3. This Council shall meet on October 27, 2009, to award the sale of the bonds and take such
action thereon as may be in the best interests of the City.
Approved this 13t1' day of October, 2009.