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Sale of approximately $350,000,000 of tax-exempt general obligation bonds for capital improvements and refunding and approximately $125,000,000 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 $350,000,000 in principal amount of General Obligation Refunding Bonds, Series 2026A (the "Series 2026A Bonds"), (a) 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 2026-2030 Capital Improvement Plan (the "Capital Improvement Plan") and (b) to refund prior to maturity, on a current refunding basis, (x) the 2027 through 2036 maturities of the General Obligation Bonds, Series 2016B, dated as of October 19, 2016 (the "Series 2016B Bonds") and (y) the 2027 through 2037 maturities of the General Obligation Bonds, Series 2017C, dated as of August 29, 2017 (the "Series 2017C Bonds"); and (ii) approximately $125,000,000 of General Obligation Refunding Bonds, Series 2026B (the "Series 2026B Bonds" and together with the Series 2026A Bonds, the "Bonds") to refund prior to maturity, on a current refunding basis, (a) the 2027 through 2041 maturities of the General Obligation Bonds, Series 2016A, dated as of July 13, 2016 (the "Series 2016A Bonds"), and (b) the 2041 maturity of the General Obligation Bonds, Series 2017B (Variable Rate), dated as of July 6, 2017 (the "Series 2017B Bonds," and together with the Series 2016...
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