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Sale of approximately $67,000,000 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 approximately $67,000,000 in principal amount of General Obligation Refunding Bonds, Series 2024A (the "Series 2024A Bonds" or the "Bonds"), to defease and refund prior to maturity, on a current refunding basis, (i) the outstanding maturities of the Taxable General Obligation Bonds, Series 2010C (Build America Bonds - Direct Payment) (the "Series 2010C Bonds"); and (ii) the outstanding maturities of the Taxable General Obligation Bonds, Series 2010D (Recovery Zone Economic Development Bonds - Direct Payment) (the "Series 2010D Bonds", and together with the Series 2010C Bonds, the "Series 2010 Bonds" or the "Refunded Bonds") each dated as of September 15, 2010, 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 Series 2010C Bonds were issued to provide financing of a portion of the costs of acquisition and betterment, including necessary and incidental costs described in Minnesota Statutes, Section 475.65, for the capital improvement projects included in the County's 2010 Capital Improvement Plan and certain library improvement projects of the County. The Series 2010D Bonds were issued to provide financing of a portion of the costs of acquisition and betterment of the Lowry Avenue bridge as described in the County's 2010 Capital...
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