EDA Resolution 2017-01SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION 2017- 01
APPROVING THE ISSUANCE OF
UP TO $975,000 OF LEASE REVENUE REFUNDING BONDS, SERIES 2017A
IF CERTAIN TARGETS ARE MET
BE IT RESOLVED by the Economic Development Authority of the City of Shorewood, State of
Minnesota (herein, the "EDA "), as follows:
The Economic Development Authority hereby finds and declares that it is necessary and
expedient to sell and issue its fully registered Lease Revenue Refunding Bonds, Series 2017A in
the total aggregate principal amount of not to exceed $975,000 (herein, the "Bonds "). The
proceeds of the Bonds will be used, together with any additional funds of the City, for refinancing
the Public Project Lease Revenue Bonds, Series 2008A.
2. The Economic Development Authority desires to proceed with the sale of the refunding Bonds by
direct negotiation and hereby authorizes David Drown Associates, Inc. (herein, "DDA ") to
negotiate on behalf of the EDA.
3. The Mayor and the City Administrator are hereby authorized to approve the sale of the Bonds in
an aggregate principal amount not to exceed $975,000 and to execute a bond purchase agreement
,for the purchase of the refunding portion of the Bonds provided the present value savings total not
less than $80,000 calculated on bond yield.
4. Upon approval of the sale of the Bonds by the Mayor and the City Administrator, the Economic
Development Authority will take action at its next regularly scheduled meeting thereafter to adopt
the necessary approving resolutions as prepared by the City's bond counsel.
5. DDA is authorized to prepare an Official Statement related to the sale of the Bonds.
6. DDA is authorized to secure a bond rating for the sale of Bonds.
7. If the Mayor and City Administrator have not approved the sale of the Refunding Bonds and
executed the related bond purchase agreement by December 1, 2017 this Resolution shall expire.
Adopted this 20th day of March, 2017.
May co erb
ATT T
G g Ler ,City c ianistrator ° m