22-107 resolution 10-24-22 EDA MtgEXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF SHOREWOOD, MINNESOTA
HELD: October 24, 2022
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Shorewood,
Hennepin County, Minnesota, was duly held at the City Hall in said City on the 24th day of October, 2022,
beginning at 7:00 o'clock P.M. for the purpose, in part, of initiating the sale of the General Obligation
Street Reconstruction and Utility Revenue Note, Series 2022A, of said City.
The following Council members were present:
And the following were absent:
Councilmember Callies introduced the following resolution and moved its adoption:
RESOLUTION # 22-107
RESOLUTION INITIATING THE SALE OF A
GENERAL OBLIGATION STREET RECONSTRUCTION AND UTILITY REVENUE
NOTE SERIES 2022A
THROUGH NEGOTIATED BANK PLACEMENT
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 General Obligation Street
Reconstruction and Utility Revenue Note, Series 2022A, to provide financing for projects included in the
Street Reconstruction Plan and Capital Improvement Plan of the City, and;
B. WHEREAS, the City has retained David Drown Associates, Inc., in Minneapolis,
Minnesota ("David Drown"), as its independent municipal advisor 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:
Authorization. The Council hereby authorizes the engagement of R.W. Baird as
placement agent to solicit bids for a negotiated bank placement for the sale of the 2022A
General Obligation Street Reconstruction and Utility Revenue Note.
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember Gorham and, after full discussion thereof and upon a vote being taken thereon,
the following Council members voted in favor thereof: Mayor Labadie, Councilmember Callies, and
Councilmember Gorham.
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted. Approved this 24th day of October,
2022.
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF SHOREWOOD
I, the undersigned, being the duly qualified and acting Clerk of the City of Shorewood,
Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes
with the original thereof on file in my office, and that the same is a full, true and complete transcript of the
minutes of a meeting of the City Council of said City, duly called and held on the date therein indicated,
insofar as such minutes relate to the City's 2022A General Obligation Street Reconstruction and Utility
Revenue Note.
WITNESS my hand as City Clerk of the City this 24t day of October, 2022
City Clerk