07/28/2020 Resolutions 2020-178RESOLUTION NO. 2020-178
BE IT RESOLVED by the Council (the "Council") of the City of Grand Island,
Nebraska (the "City") as follows:
Section 1. Findings.
(a) The City plans to explore the following fmancings through access to the public markets and
issuing bonds:
l. Highway Allocation Fund Pledge Bonds for certain paving projects in the City
("Street Bonds");
2. Sewer System Revenue Refunding Bonds to refund all or a portion of (i) the City's
Sewer System Revenue and Refunding Bonds, Series 2013, and (ii) the City's outstanding loans from
the Department of Environment and Energy, all to achieve interest savings and modernize covenants
related to the City's outstanding sewer bonds consistent with current market requirements, but only to
the extent net present value savings can be achieved through such refundings (the "Sewer Refunding
Bonds");
3. Electric System Revenue Refunding Bonds to refund the City's 2013 Electric System
Revenue Bonds, and defease the 2012 Electric Revenue Refunding Bonds, to achieve interest sa�ings
and modernize covenants related to the City's outstanding electric revenue bonds consistent with
current market requirements, but only to the extent net present value savings can be achieved through
such refunding (the "Electric Refuuding Bonds"); and
4. Water Revenue Refunding Bonds to refund the City's 2017 Water Revenue and
Refunding Bonds, to achieve interest savings and modernize covenants related to the City's
outstanding water revenue bonds consistent with current market requirements, but only to the extent
net present value savings can be achieved through such refunding (the "Water Refnnding Bonds").
(b) In order to access the public markets for the Street Bonds, Sewer Refunding Bonds, Electric
Refunding Bonds, and Water Refunding Bonds (together, the "Proposed Bond Issues"), it is in the best
interests of the City to engage an underwriting fum to serve as underwriter for the Proposed Bond Issues.
(c) The City has been advised by its financial advisor that evaluation of underwriting firms
through a request for proposals process would provide the City with sufficient information to make an
informed decision in selection of an underwriting firm
Section 2. Resolution.
(a) The Council hereby resolves that the City sha11 further explore the Proposed Bond
Issues and issue a request for proposals or such other method determined appropriate to obtain
proposals from underwriting firms to serve as underwriter for the Proposed Bond Issues under
the guidance of the City's financial advisor.
(b) The Proposed Bond Issues will be issued in the amounts and upon the terms and
conditions provided in bond ordinances to be passed by the Council at a future meeting or
meetings. Notwithstanding any other provision of this Resolution, nothing contained herein is
intended to obligate the City to issue any of the Proposed Bond Issues.
(c) The Mayor, City Administrator and Finance Director (each an "Authorized
Approved as to Form II _
July 27, 2020 tt i Attomey
Officer") are hereby individually authorized to determine how best to conduct the process to
solicit proposals fram underwriting firms and to evaluate the proposals received for the Proposed
Bond Issues, make a selection of the underwriting firm or firms determined by such Authorized
Officer to be best suited to serve as the City's underwriter for the Proposed Bond Issues, and take
any further action as such Authorized Officer shall deem necessary or desirable without further
action by the Council to carry out the selection of an underwriting firm or firms as contemplated by
this Resolution.
Section 3. Effective Dates. This Resolution will be in full force and effect from and
after its passage and adoption by the Council and approval by the Mayor.
Section 4. Conflicting Resolutions Repe�led. All resolutions of the Council, or
parts thereof, in eonflict with the provisions of this Resolution are, to the extent of such conflict,
hereby repealed.
Adopted by the City Council of the City of Grand Island, Nebraska, July 28, 2020.
Roge G. Steele, Mayor
Attest:
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RaNae Edwards, City Clerk
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