HomeMy WebLinkAboutResolution No. 652-06 RESOLUTION NO.
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RESOLUTION AUTHORIZING THE NEGOTIATION OF THE
SALE OF ELECTRIC REVENUE BONDS, SERIES 2007
WHEREAS, the Public Utilities Commission of the City of Rochester (the
"Commission") has heretofore determined to undertake certain improvements to the City's
electric utility, including an emission reduction project and other electric system improvements
(the"Improvements") and to refund certain outstanding electric revenue bonds; and
WHEREAS, the Commission has requested the City to issue electric revenue bonds in the
approximate principal amount of$48,000,000 to provide moneys to finance a portion of the costs
of the Improvements, and in the approximate principal amount of$35,000,000 to refund certain
outstanding electric revenue bonds; and
WHEREAS, the principal amount of the Electric Revenue Bonds to finance the
Improvements, refund the prior bonds and finance related issuance costs will be approximately
$90,000,000.
NOW THEREFORE BE IT RESOLVED by the Common Council (the "Council") of the
City of Rochester, Minnesota(the "City"), as follows:
1. Springsted Incorporated, in Saint Paul, Minnesota, the City's independent
• financial advisor, is hereby authorized to negotiate the sale of the Electric Revenue Bonds, and to
consult with the City Finance Director and staff of the Commission as to the details of the
issuance and sale of the Electric Revenue Bonds, including but not limited to the maturity
schedule, interest rates, redemption provisions, and the amount of the purchaser's discount.
2. The terms and conditions and the award of the sale of the Electric Revenue Bonds
will be set forth in a separate resolution to be presented to the Common Council and the
Commission for consideration on a later date.
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PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS 18TH DAY OF DECEMBER, 2007.
PRE"NTAID COMMON COUNCIL
ATTEST:
CITY LE
Approved this /q'N day,of December, 2006.
,(Seal of the.City of
Rochester, Minnesota) ?Z
MAYOR OF SAID CITY
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember and upon a vote being taken thereon, the following voted in
favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
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