2005-086
CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTON NO. 2005-086
Council Member Thompson introduced the following resolution and moved its adoption:
Resolution Providing for the Sale of
$1,640,000 General Obligation Tax Increment Refunding Bonds
and $1,775,000 General Obligation Taxable Refunding Bonds
A. WHEREAS, the City Council of the City of Hopkins, Minnesota, has heretofore determined that it is
necessary and expedient to issue$1 ,640,000 General Obligation Tax Increment Refunding Bonds to
refund the City's $500,000 General Obligation Tax Increment Bonds, Series 1996C and the
$2,240,000 General Obligation Tax Increment Bonds, Series 1997A and to issue $1,775,000 General
Obligation Taxable Refunding Bonds to refund the City's $1,700,000 Taxable General Obligation
Housing Improvement Bonds, Series 1997B and the $680,000 Taxable General Obligation Tax
Increment Bonds, Series 1996D to provide an estimated net present value benefit of$83,583.14, or
approximately 5 percent, and $180,216.73, or approximately 10 percent, respectively.
B. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its
independent financial advisor for the Bonds and is therefore authorized to solicit proposals in
accordance with Minnesota Statutes, Section 475, 469 and 428A;
NOW, THEREFORE, BE IT RESOLVED by the City Council of Hopkins, Minnesota, as follows:
1. Authorization~ Findings. The City Council hereby authorizes Ehlers to solicit proposals for the sale
of the Bonds.
2. Meeting~ Proposal Opening. The City Council shall meet at 7:30 p.m. on September 20,2005, for the
purpose of considering sealed proposals for and awarding the sale of the Bonds.
3. Official Statement. In connection with said sale, the officers or employees of the City are hereby
authorized to cooperate with Ehlers 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.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member Brausen
and, after full discussion thereof and upon a vote being taken thereon, the following Council Members
voted in favor thereof: Brausen, Thompson and Mayor Maxwell.
No Council Members voted against thereof.
Whereupon said resolution was declared duly passed and adopted.
Dated this 13th day of September, 2005.
By
Prepared by Ehlers & Associates, Inc.