20-072CITY OF SHOREWOOD
COUNTY OF HENNEPIN
STATE OF MINNESOTA
RESOLUTION 2020 — 072
PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF
$7,500,000 GENERAL OBLIGATION STREET RECONSTRUCTION AND UTILITY REVENUE
BONDS, SERIES 2020A
A. WHEREAS, the City Council of the City of Shorewood, Minnesota (the "City "), has
heretofore determined that it is necessary and expedient to issue the City's $7,500,000
General Obligation Street Reconstruction and Utility Revenue Bonds, Series 2020A (the
"Bonds ") to provide financing for the 2020 Street Reconstruction and Utility Projects as
outlined in the City's 10 -year Capital Improvement Plan;
B. WHEREAS, the City has retained David Drown Associates, Inc., in Minneapolis,
Minnesota ( "David Drown "), as its independent municipal advisor for the Bonds and is
therefore authorized to sell the Bonds by a competitive negotiated sale in accordance
with Minnesota Statutes, Section 475.60, Subdivision 2(9):
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Shorewood,
Minnesota, as follows:
1. Authorization. The Council hereby authorizes David Drown to solicit bids for the competitive
negotiated sale of the Bonds.
2. Meeting; Bid Opening. The Council shall meet at the time and place specified in the Terms of
Offering attached hereto as Exhibit A for the purpose of considering sealed bids for, and awarding
the sale of, the Bonds. The City Administrator, or designee, shall open bids at the time and place
specified in such Terms of Offering.
3. Terms of Offering. The terms and conditions of the Bonds and the negotiation thereof are fully
set forth in the "Terms of Offering" attached hereto as Exhibit A and hereby approved and made a
part hereof.
4. Official Statement. In connection with said competitive negotiated sale, the officers or employees
of the City are hereby authorized to cooperate with David Drown 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.
Adopted this 131h day of July, 2020.
Je ifer Labadie, Acting Mayor
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Sandie Thone, City Clerk