Item Description:
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Sale of approximately $200,000,000 of general obligation bonds for capital improvements; 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 of Commissioners deems it necessary and expedient to issue and sell approximately $200,000,000 in principal amount of General Obligation Bonds (the "Bonds" or the "Series 2024A Bonds") in order to (i) provide financing of 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 included in the County's 2024-2028 Capital Improvement Plan (the "Improvement Projects"), and (ii) in the discretion of the Hennepin County Director of Budget and Finance (the "Director of Budget and Finance") or the Hennepin County Administrator (the "County Administrator"), refund all or a portion of the outstanding Commercial Paper Certificates Series A (Tax Exempt), issued to finance a portion of the estimated costs of Improvement Projects included in the County's 2024-2028 Capital Improvement Plan (the "Commercial Paper Certificates"), contingent upon favorable market conditions, as determined by the Director of Budget and Finance or the County Administrator, as further described below.
On April 23, 2024, the County held a public hearing on the proposed issuance of general obligation bonds of the County in the original aggregate principal amount of up to $300,000,000, for the purpose of financing Improvement Projects as designated in the 2024-2028 Capital Improvement Plan. The Commercial Paper Certificates were issued by the County on March 5, 2024, March 7, 2024, June 4, 2024, and June 6, 2024, to prov...
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