08-001 EDAExtract of Minutes of Meeting
of the Shorewood Economic Development Authority
Hennepin County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the Board of Commissioners of
the Shorewood Economic Development Authority 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: President Lizee, Commissioners Bailey, Turgeon,
Wellens, and Woodruff.
and the following were absent: None
The following written resolution was presented by Commissioner Woodruff the reading of
which had been dispensed with by unanimous consent, who moved its adoption:
RESOLUTION N0.08-001
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
PUBLIC PROJECT LEASE REVENUE BONDS,
SERIES 2008A (CITY OF SHOREWOOD, MINNESOTA LEASE OBLIGATION)
BE IT RESOLVED By the Board of Commissioners (the "Board") of the Shorewood
Economic Development Authority (the "Authority") as follows:
1. It is hereby determined that:
(a) 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;
335160v3 AJP SH230-41
(b) the Authority has determined to sell its lease-purchase revenue bonds to
finance the renovation of and additions to City Hall (the "Improvements); and
(c) it is necessary and expedient to the sound financial management of the
affairs of 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.
2. The President and the Assistant Treasurer of the Authority are authorized to accept a
proposal by Northland Securities, Inc. to purchase the Bonds under terms that provide for a
maximum principal amount of $1,400,000, with a final maturity on December 1, 2028, and a
maximum true interest cost of 5.25%.; provided that by no later than the next regularly scheduled
meeting of the Authority after such acceptance, this Board will consider a resolution approving all
terms and conditions of the Bonds.
3. If no proposal is accepted in accordance with this Resolution by September 1, 2008,
this Resolution is deemed terminated.
Approved by the Board of Commissioners of the Shorewood Economic Development
Authority this 23`d day of June, 2008.
\, l 9 a
Christine Lizee, President
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L wrence A. Brown, Acting Executive Director
The motion for the adoption of the foregoing resolution was duly seconded by
Commissioner Turgeon and upon vote being taken thereon the following members voted in favor of
the motion: President Lizee, Commissioners 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 and Acting Executive Director of the Shorewood
Economic Development Authority, hereby certify that I have carefully compared the attached and
foregoing extract of minutes of a regular meeting of the Board of Commissioners of the Authority
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, insofar as they relate to the issuance and sale of the Authority's
Public Project Lease Revenue Bonds, Series 2008A (City of Shorewood, Minnesota Lease
Obligation).
WITNESS My hand as Acting Executive Director this 23rd day of June, 2008.
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a.~ ~ ~ .~
wrence A. Brown, Acting Executive Director
Shorewood Economic Development Authority
(SEAL)