2025-045 Resolution Stating the Intention of the City to Issue Taxable General Obligation Housing Improvement Bonds, Series 2025B (2)CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2025-045
STATING THE INTENTION OF THE CITY TO ISSUE
TAXABLE GENERAL OBLIGATION HOUSING
IMPROVEMENT BONDS, SERIES 2025B, IN THE
ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF
APPROXIMATELY $4,615,000; AND TAKING OTHER
ACTIONS WITH RESPECT THERETO
BE IT RESOLVED by the City Council ("Council") of the City of Hopkins, Minnesota
(the "City"), as follows:
Background. It is hereby determined that:
(a) The City has established the Summit on 7 Housing Improvement
Area (the "Housing Improvement Area") in order to facilitate certain housing
improvements (the "Housing Improvements") to a property known as the Summit
On 7 Condominiums, which is governed by the Summit Condominium Association
(the "Association"). The Council has imposed a housing improvement fee (the
"Housing Fees") on housing units located in the Housing Improvement Area in
order to finance the Housing Improvements.
(b) Pursuant to Minnesota Statutes, Chapter 475, as amended (the
"Act"), and Minnesota Statutes, Sections 428A.11 through 428A.21, as amended
(the "Housing Act"), the City is authorized to issue general obligation bonds in the
amount necessary to defray the costs of the Housing Improvements, which costs
are payable primarily from the Housing Fees and may be further secured by the
pledge of the City's full faith, credit and taxing power.
(c) The City finds it necessary and expedient to the sound financial
management of the City to issue its Taxable General Obligation Housing
Improvement Bonds, Series 2025B (the "Bonds"), in the original aggregate
principal amount of approximately $4,615,000, pursuant to the Act and the Housing
Act, in order to defray the costs of the Housing Improvements.
2. Sale of Bonds. The City has retained Ehlers and Associates, Inc. (the
"Municipal Advisor"), to serve as the City's independent municipal advisor with respect to
the offer and sale of the Bonds and, therefore, is authorized by Section 475.60,
subdivision 2(9), of the Act to sell the Bonds other than pursuant to a competitive sale.
3. Authority of Municipal Advisor. The Municipal Advisor is authorized and
directed to assist the City in the preparation and dissemination of a Preliminary Official
Statement to be distributed to potential purchasers of the Bonds and to open, read, and
tabulate the proposals for the purchase of the Bonds for presentation to the Council. The
Municipal Advisor is further authorized and directed to assist the City in the award and
sale of the Bonds on behalf of the City after receipt of written proposals and to assist the
City in the preparation and dissemination of a final Official Statement with respect to the
Bonds.
4. Acceptance of Pro osal. The Council shall meet at the time specified in the
Preliminary Official Statement or at such other time designated by the Council to receive
and consider proposals for the purchase of the Bonds and take any other appropriate
action with respect to the Bonds.
5. Authority of Bond Counsel. The law firm of Kennedy & Graven, Chartered,
is authorized to act as bond counsel for the City ("Bond Counsel"), and to assist in the
preparation and review of necessary documents, certificates, and instruments related to
the Bonds. The officers, employees, and agents of the City are hereby authorized to
assist Bond Counsel in the preparation of such documents, certificates, and instruments.
Adopted by the City Council of the City of Hopkins this 15th day of July, 2025.
By:
Pa , ayor
ATTEST:
a6OUZC& -
Amy Domeier, City Clerk
2
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) ss.
CITY OF HOPKINS )
I, the undersigned, being the duly qualified City Clerk of City of Hopkins, Hennepin
County, Minnesota (the "City"), do hereby certify that I have carefully compared the attached
and foregoing extract of minutes of a regular meeting of the City Council of the City held on
July 15, 2025, with the original minutes on file in my office, and the extract is a full, true, and
correct copy of the minutes insofar as they relate to they relate to authorizing the issuance
of the City's Taxable General Obligation Housing Improvement Bonds, Series 2025B, in the
original aggregate principal amount of approximately $4,615,000.
WITNESS My hand officially as such City Clerk this i"ay of July, 2025.
02""ZV
Amy Domeier, City Clerk
City of Hopkins, Hennepin County, Minnesota