Resolution Number 29-16 Refunding Bond
RESOLUTION NUMBER 29-16
APPROVING THE ISSUANCE OF GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2016A
BE IT RESOLVED BY THE CITY COUNCIL OF MOUNTAIN IRON, MINNESOTA, 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 improvement refunding bonds in the total aggregate principal amount not to exceed $600,000 (herein, the “Bonds”). The proceeds of the Bonds will be used, together with any additional funds of the City which might be required for (i) a current refunding of all or a portion of the February 1, 2018 through 2028 maturities, aggregating up to $555,000 in principal amount, of the City’s General Obligation Improvement Bonds, Series 2007A, dated September 1, 2007 as date of original issue, and (ii) to pay the costs associated with issuing the Bonds.
- The City Council desires to proceed with the sale of the Bonds by direct negotiation with Northland Securities, Inc. (“NSI”). NSI will purchase the Bonds in an arm’s-length commercial transaction with the City.
- The Mayor and the City Administrator are hereby authorized to approve the sale of the Bonds in an aggregate principal amount not to exceed $600,000 and to execute a bond purchase agreement for the purchase of the Bonds with NSI, provided the total net savings is at least $40,000.
4. 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.
5. NSI is authorized to prepare an Official Statement related to the sale of the Bonds.
6. If the Mayor and City Administrator have not approved the sale of the bonds to NSI and executed the related bond purchase agreement by December 31, 2016, this resolution shall expire.
DULY ADOPTED BY THE CITY COUNCIL THIS 6th DAY OF JUNE, 2016.
Mayor Gary Skalko