Resolution Number 24-20
RESOLUTION NUMBER 24-20
APPROVING THE ISSUANCE OF GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 2020A
BE IT RESOLVED BY THE CITY COUNCIL OF MOUNTAIN IRON, MINNESOTA (herein, the “City”), as follows:
- 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 bonds in the total aggregate principal amount not to exceed $1,350,000 (herein, the “Bonds”). The proceeds of the Bonds will be used to finance a water treatment filter project and a water tower rehabilitation project and to finance the costs of issuing the Bonds.
- The City Council desires to proceed with the sale of the Bonds by direct negotiation with Northland Securities, Inc. (herein, “NSI”). NSI will purchase the Bonds in an arm’s-length commercial transaction with the City.
- The Mayor and City Administrator are hereby authorized to approve the sale of the Bonds in an aggregate principal amount not to exceed $1,350,000 and to execute a bond purchase agreement for the purchase of the Bonds with NSI, provided the true interest cost is less than 2.50%.
- Upon approval of the sale of the Bonds by the Mayor and the City Administrator, the City Council will take action at its next regularly scheduled or special meeting thereafter to adopt the necessary approving resolutions as prepared by the City’s bond counsel.
- NSI is authorized to prepare an Official Statement related to the sale of the Bonds.
- If the Mayor and the City Administrator have not approved the sale of the bonds to NSI and executed the related bond purchase agreement by April 30, 2021, this resolution shall expire.
DULY ADOPTED BY THE CITY COUNCIL THIS 2nd DAY OF NOVEMBER, 2020.
Mayor Gary Skalko