08-048Extract of Minutes of Meeting
of the City of Shorewood
Hennepin County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of
Shorewood, Minnesota was duly held in the City Hall of the City of Shorewood, Minnesota on
June 23, 2008, commencing at 7:00 o'clock P.M.
The following members were present: Mayor Lizee, Councilmembers Bailey, Turgeon,
Wellens, and Woodruff
and the following were absent: None
The following written resolution was presented by Council Member Turgeon the reading of
which had been dispensed with by unanimous consent, who moved its adoption:
RESOLUTION N0.08-048
RESOLUTION CONSENTING TO A RESOLUTION BY THE
SHOREWOOD ECOMOMIC DEVELOPMENT AUTHORITY
WITH RESPECT TO PUBLIC PROJECT LEASE REVENUE
BONDS, SERIES 2008A (CITY OF SHOREWOOD,
MINNESOTA LEASE OBLIGATION)
BE IT RESOLVED By the City Council (the "City Council") of the City of Shorewood,
Minnesota (the "City") as follows:
L It is hereby determined that:
(a) the Shorewood Economic Development Authority (the "Authority") is
authorized under Minnesota Statutes, Chapter 469 and Section 465.71 (collectively, the
"Act") to sell its lease purchase revenue bonds for the purposes enumerated in the Act;
(b) the City has requested the Authority to sell lease purchase revenue bonds to
finance the renovation of and additions to City Hall (the "Improvements); and
(c) under alease-purchase agreement expected to be entered into between the
City and the Authority, the City expects to lease the City hall from the Authority and pay
lease payments to the Authority in the amount necessary to pay debt service on such bonds;
(d) it is necessary and expedient to the sound financial management of the
affairs of the City for the Authority to issue its Public Project Lease Revenue Bonds, Series
2008A (City of Shorewood, Minnesota Lease Obligation), a maximum principal amount of
$1,400,000 (the "Bonds") pursuant to the Act to provide financing for the Improvements.
(e) on the .date hereof, the Authority is expected to approve a resolution
authorizing its President and Assistant Treasurer to accept a proposal by Northland
Securities, Inc. to purchase the Bonds under certain terms and conditions (the "Preliminary
Resolution").
2. The City consents to the Authority's Preliminary Resolution, and authorizes City
staff and consultants to do all things necessary to proceed in accordance with the Preliminary
Resolution.
Approved by the City Council of the City of Shorewood, Minnesota this 23rd day of June,
2008.
ATTEST:
.a-
Christine Lizee, Mayor
awrence A. Brown, Acting City Administrator/Clerk
The motion for the adoption of the foregoing resolution was duly seconded by Council
Member Wellens and upon vote being taken thereon the following members voted in favor of the
motion: Mayor Lizee, Council Members Bailey, Turgeon, Wellens, and Woodruff,
and the following voted against: None.
whereupon the resolution was declared duly passed and adopted.
STATE OF MINNESOTA )
COUNTY OF HENNEPIN )
I, the undersigned, being the duly qualified Acting City Administrator/Clerk of the City of
Shorewood, 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 June 23, 2008, with
the original minutes on file in my office and the extract is a full, true and correct copy of the
minutes.
WITNESS My hand as Acting City Administrator/Clerk this 23rd day of June, 2008.
~~p~ -~
~s
Lawrence A. Brown, Acting City Administrator/ Clerk
City of Shorewood, Minnesota
(SEAL)