2007-041Extract of Minutes of Meeting
of the City Council of the City
of Hopkins, Hennepin County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Hopkins, Hennepin County, Minnesota, was held at the City Hall in the City on Tuesday, June
19, 2007, commencing at 7:30 P.M.
The following members of the Council were present: Council Member Youakim,
Council Member Rowan, Council Member Halverson, and Mayor Maxwell.
and the following were absent: Council Member Thompson
RESOLUTION NO. 2007-41
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
$1,955,000 GENERAL OBLIGATION PERMANENT IMPROVEMENT REVOLVING FUND
BONDS, SERIES 2007
BE IT RESOLVED By the City Council of the City of Hopkins, Hennepin County,
Minnesota (the "City") as follows:
1. It is hereby determined that:
(a) the following assessable public improvements (the "Improvements") have
been made, duly ordered or contracts let for the construction thereof, by the City and the
costs of the Improvements will be financed through the City's Permanent Improvement
Revolving Fund:
Project Designation & Description: 2006 & 2007 Street Total Protect Cost
Improvements
Deposit to Project Construction Fund
Underwriter's Discount
Costs of Issuance
Rounding Amount
$1,900,000
$24,437.50
$27,500
$3,062.50
Total $1,955,000
(b) It is necessary and expedient to the sound financial management of the
affairs of the City to issue its $1,955,000 General Obligation Permanent Improvement
Revolving Fund Bonds, Series 2007 (the "Bonds"), pursuant to Section 7.14, Subdivision
2 of the City Charter to provide financing for the Improvements.
(c) The City is authorized by Minnesota Statutes, Section 475.60, Subdivision
2(9) to negotiate the sale of the Bonds, it being determined that the City has retained an
independent financial adviser in connection with such sale. The actions of the City staff
and financial advisers in negotiating the sale of the Bonds are ratified and confirmed in
all aspects.
2. To provide financing for the Improvements, the City will issue and sell Bonds in
the amount of $1,955,000. The Bonds will be issued, sold and delivered in accordance with
terms to be determined by the City, its financial adviser, and its bond counsel.
3. Ehlers & Associates, Inc., as the City's financial adviser, is authorized and
directed to negotiate the sale of the Bonds. The City Council will meet at 7:30 P.M. on Tuesday,
July 17, 2007, to consider proposals on the Bonds and take any other appropriate action with
respect to the Bonds.
4. The law firm of Kennedy & Graven, Chartered, as bond counsel for the City, is
authorized to act as bond counsel and to assist in the preparation and review of necessary
documents, certificates and instruments relating to the Bonds. The officers, employees and
agents of the City are authorized to assist Kennedy & Graven, Chartered in the preparation of
such documents, certificates, and instruments.
(The remainder of this page is intentionally left blank.)
Passed and adopted this 19th day of 3une, 2007.
CITY OF HOPKINS, MINNESOTA
.~
May
Attest:
~'
~~~
Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember Halverson, and upon vote being taken thereon the following members voted in
favor of the motion: Council Member Youakim, Council Member Rowan, Council Member
Halverson, and Mayor Maxwell.
and the following voted against:
whereupon the resolution was declared duly passed and adopted.
STATE OF MINNESOTA )
COUNTY OF HENNEPIN )
CITY OF HOPKINS )
I, the undersigned, being the duly qualified and acting City Clerlc of the City of Hopkins,
Minnesota, 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 Tuesday, June 19, 2007,
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 the issuance and sale of $1,955,000 General Obligation
Permanent Improvement Revolving Fund Bonds, Series 2007, of the City.
WITNESS My hand as City Clerlc and the corporate seal of the City this 19th day of
June, 2007.
qty Clerk
City of H ins, Minnesota
(SEAL)