HomeMy WebLinkAboutResolution No. 395-17 - ProvideSaleof.GOParkingtaxIncrementRevenueBonds,Series2017B
CITY OF ROCHESTER
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION NO. ____
RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED
SALE OF GENERAL OBLIGATION PARKING TAX INCREMENT REVENUE BONDS,
SERIES 2017B
A. WHEREAS, the Common Council of the City of Rochester, Minnesota (the “City”) has
heretofore determined that it is necessary and expedient to issue its General Obligation Parking Tax
Increment Revenue Bonds, Series 2017B (the “Bonds”) to finance parking ramp No. 6 in the City; and
B. WHEREAS, the City has retained Springsted Incorporated, in Saint Paul, Minnesota
(“Springsted”), as its independent financial advisor and is therefore authorized to sell these obligations by
a competitive negotiated sale in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9);
and
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Rochester,
Minnesota, as follows:
1.Authorization; Findings. The Common Council hereby authorizes Springsted to solicit
bids for the competitive negotiated sale of the Bonds.
2.Meeting; Bid Opening. This Common Council shall meet at the time and place specified
in the Terms of Proposal attached hereto as Exhibit A for the purpose of considering sealed bids for, and
awarding the sale of the Bonds. The Clerk, or designee, shall open bids at the time and place specified in
such Terms of Proposal.
3.Terms of Proposal. The principal amount, terms and conditions of the Bonds and the
negotiation thereof are fully set forth in the “Terms of Proposal” attached hereto as Exhibit A and hereby
approved and made a part hereof.
4.Official Statement. In connection with said competitive negotiated sale, the Clerk,
Finance Director and other officers or employees of the City are hereby authorized to cooperate with
Springsted and participate in the preparation of an official statement for the Bonds, and to execute and
deliver it on behalf of the City upon its completion.
506673v2 JSB RC110-94
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER,
MINNESOTA, THIS 18TH DAY OF SEPTEMBER, 2017.
_________________________________________
PRESIDENT OF SAID COMMON
COUNCIL
ATTEST:
_________________________
CITY CLERK
Approved this 18th day of September, 2017.
(Seal of the City of
Rochester, Minnesota) MAYOR OF SAID CITY
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C E R T I F I C A T I O N
I, the undersigned City Clerk of the City of Rochester, Minnesota, do hereby certify the
following:
The foregoing is true and correct and a copy of the Resolution is on file and of record in the
offices of the City, which Resolution relates to providing for the competitive negotiated sale of General
Obligation Parking Tax Increment Revenue Bonds, Series 2017B and said Resolution was duly adopted
by the Rochester Common Council at a regular or special meeting of the Council held on the date therein
indicated. Said meeting was duly called and regularly held and was open to the public and was held at the
place at which meetings of the Council are regularly held, a quorum of the Council being present and
acting throughout. Councilmember ______________________ moved the adoption of the Resolution,
which motion was seconded by Councilmember __________________________. A vote being taken on
the motion, the following members of the Council voted in favor of the Resolution:
and the following voted against the same:
Whereupon said Resolution was declared duly passed and adopted. The Resolution is in full force and
effect and no action has been taken by the Council which would in any way alter or amend the
Resolution.
WITNESS MY HAND officially as the City Clerk of the City of Rochester, Minnesota, this
_____ day of September, 2017.
_________________________________________
City Clerk
City of Rochester, Minnesota
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EXHIBIT A
A-1
506673v2 JSB RC110-94