HomeMy WebLinkAboutResolution No. 203-26 - Resolution - RPU Electric Utility Revenue Bonds Underwriting
RESOLUTION
Resolution Authorizing a Request for Proposals to Serve as Underwriter and
Authorizing Selection of an Underwriter for Proposed Electric Utility Revenue
Bonds, Series 2027A.
WHEREAS, the Public Utility Board (the “Board”) of Rochester Public Utilities (“RPU”)
has determined that it is in the best interests of RPU and the City of Rochester, Minnesota
(the “City”) to provide for the issuance of the City’s Electric Utility Revenue Bonds, Series
2027A (the “Bonds”) to provide funds to finance designing, acquiring, constructing,
improving, extending, rehabilitating, equipping, and otherwise bettering the municipal
electric utility system, including any facilities, infrastructure, equipment, land, easements,
technology, and related improvements comprising or supporting the supply, production,
transmission, distribution, monitoring, metering and delivery system of the municipal
electric utility (collectively, the “Improvements”) pursuant to Minnesota Statutes, Chapters
453 and 475;
WHEREAS, the Common Council of the City of Rochester, Minnesota (the “Council”) has,
at the request of the RPU Board, determined that it is necessary and expedient to solicit
proposals for the services of a Senior Managing Underwriter for the Bonds; and
WHEREAS, the City has retained Baker Tilly Municipal Advisors, LLC (“Baker Tilly MA”),
as its independent municipal advisor; and
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Rochester,
Minnesota, as follows:
1. Authorization; Findings. The Council hereby authorizes Baker Tilly MA to
solicit proposals for the services of a Senior Managing Underwriter for the Bonds
substantially as described in the Request for Proposals attached as Exhibit A with such
additional details therein as may be necessary and appropriate and such modifications
thereof, deletions therefrom and additions thereto as may be necessary and appropriate
and approved by the Selection Committee described therein.
2. Selection of Senior Managing Underwriter. The Council hereby authorizes
a committee comprised of the City Director of Finance, or designee, the RPU Finance
Director, the RPU Assistant General Manager, and the RPU General Manager (the
“Selection Committee”), in its discretion and with the advice of Baker Tilly MA, to select a
Senior Managing Underwriter for the Bonds.
3. Official Statement. In connection with preparation for the sale of the Bonds,
the Clerk, Director of Finance and other officers or employees of the City are hereby
authorized to cooperate with Baker Tilly MA and the Senior Managing Underwriter for the
Bonds selected by the Selection Committee and participate in the preparation of an official
statement for the Bonds.
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4. Reimbursement Declaration. The City has determined to make a
declaration of its official intent to reimburse certain costs with respect to the Project from
proceeds of the Bonds in accordance with Treas. Reg. § 1.150-2.
5. Effective Date. This Resolution shall be in full force and effect from and after
its approval.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS DAY OF ,
2026.
PRESIDENT OF SAID COMMON
COUNCIL
ATTEST:
CITY CLERK
APPROVED THIS DAY OF______________________, 2026.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
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