Item Description:
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Sale of approximately $100,000,000 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 $100,000,000 in principal amount of General Obligation Bonds (the "Bonds" or the "Series 2023A 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 2023-2027 Capital Improvement Plan (the "Improvement Projects") and (ii) refund all or a portion of the outstanding Commercial Paper Certificates Series A (Tax-Exempt), dated May 9, 2023 (the "Commercial Paper Certificates"), contingent upon favorable market conditions, as determined by the Hennepin County Director of Budget and Finance (the "Director of Budget and Finance") or the Hennepin County Administrator (the "County Administrator"), as further described below.
The County's Commercial Paper Certificates were issued May 9, 2023 in the original authorized principal amount of $35,000,000, pursuant to Minnesota Statutes, Section 383B.17, to provide bridge financing for approved capital improvements included in the County's 2022-2026 Capital Improvement Plan and 2023-2027 Capital Improvement Plan. On May 24, 2022, 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 $250,000,000, for the purpose of financing capital improvements as designated in the 2022-2026 Capital Improvement Plan...
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