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Sale of approximately $100,000,000 of tax-exempt general obligation bonds for capital improvements and approximately $155,000,000 of tax-exempt general obligation refunding bonds, contingent upon market conditions; fixing the form and specifications thereof and providing for their execution, delivery and payment
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Resolution:
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BE IT RESOLVED, by the Board of Commissioners (the "Board") of Hennepin County, Minnesota (the "County"), as follows:
1. Findings. Pursuant to authority granted by Minnesota Statutes, Section 373.40 and Chapter 475, the Board deems it necessary and expedient to issue and sell (i) approximately $100,000,000 in principal amount of General Obligation Bonds, Series 2025A (the "Series 2025A Bonds"), to finance a portion of the estimated costs of acquisition and betterment, including necessary and incidental costs described in Minnesota Statutes, Section 475.65 for the capital improvements (the "Improvement Projects") included in the County's 2025-2029 Capital Improvement Plan (the "Capital Improvement Plan"); (ii) approximately $93,000,000 of General Obligation Refunding Bonds, Series 2025C (the "Series 2025C Bonds") to refund prior to maturity, on a current refunding basis the 2026 through 2038 maturities of the General Obligation Bonds, Series 2018B (Variable Rate) (the "Series 2018B Bonds"); and (iii) approximately $62,000,000 of General Obligation Refunding Bonds, Series 2025D (the "Series 2025D Bonds," and together with the Series 2025A Bonds and the Series 2025C Bonds, the "Bonds") to refund prior to maturity, on a current refunding basis (a) the 2026 through 2029 maturities of Taxable General Obligation Bonds, Series 2010C (Build America Bonds - Direct Payment) (the "Series 2010C Bonds") and (b) the 2030 through 2035 maturities of Taxable General Obligation Bonds, Series 2010D (Recovery Zone Economic Development Bonds - Direct Payment) (the "Series 2010D Bonds," and together with the Series 2010C Bonds, ...
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