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<br />" <br /> <br />-, <br /> <br />!# <br /> <br />, , <br /> <br />:". <br /> <br />RESOLUTION NO. 99-067 <br /> <br />A RESOLUTION A WARDING THE SALE OF $645,000 <br />GOLF COURSE GROSS REVENUE <br />BONDS, SERIES 1999C; <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT <br /> <br />BE IT RESOLVED By the City Council of the City of New Brighton, Ramsey County, <br />Minnesota (City) as follows: <br /> <br />Section 1. <br /> <br />Sale of Bonds. <br /> <br />1.01. It is determined that it is desirable to acquire, construct and equip a new clubhouse <br />at the City's Brightwood Hills Golf Course as part of the recreation program of the City (Project). <br /> <br />1.02. Minnesota Statutes, Section 471.191 (Act) authorizes the City to: a) issue and sell <br />revenue bonds to provide funds for the acquisition of the Project, which bonds may be secured by a <br />pledge of all income and revenues derived from the Project as a first charge on the gross revenues <br />thereof, and b) provide in its budget each year for any anticipated deficiency in the revenues <br />available for operation and maintenance of the Project. <br /> <br />1.03. The City Council has determined that the estimated gross revenues to be derived <br />from the operation of the Project during the term of the bonds authorized by this Resolution will be <br />sufficient to pay principal and interest when due on such bonds, to maintain the required reserve <br />therefor, and to pay the annual costs of operation and maintenance of the Project. <br /> <br />1.04. The proposed financing ofthe Project is as follows: <br /> <br />Project Construction <br />UndeIWriters Discount <br />Cost ofIssuance <br />Reserve Account <br />Rounding <br /> <br />Total Bond Issue <br /> <br />$547,600 <br />12,900 <br />30,600 <br />57,478 <br />(3,578) <br /> <br />$645,000 <br /> <br />1.05. The City has received an offer from Dougherty Summit Securities LLC (purchaser) <br />to purchase the City's bonds to finance the Project. <br /> <br />1.06. The City will, therefore, issue and sell its $645,000 Golf Course Gross Revenue <br />Bonds, Series 1999C (Bonds) to finance all or a portion of the costs of the Project. <br /> <br />DJK-165146 <br />NE136-152 <br />