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29 Councilmember resolution and moved its adoption: then introduced the following RESOLUTION NO. 14-051 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $1,330,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2014C BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the "City"), as follows: Section 1. Authorization and Sale. 1.01. Authorization of Bonds. This Council hereby determines that it is in the best interest of the City to issue its $1,330,000 General Obligation Refunding Bonds, Series 2014C (the "Bonds") for the purpose of a crossover refunding on February 1, 2015 (the "Crossover Date") the 2015 through 2024 maturities, aggregating $1,390,000 in principal amount, of the City's General Obligation Street Reconstruction Bonds, Series 2008A, dated, as originally issued, as of June 5, 2008 (the "Refunded Bonds"). The refunding of the Refunded Bonds constitutes a "crossover refunding" as defined in Minnesota Statutes, Section 475.17, subd. 13 The refunding of the Refunded Bonds is being carried out for the purposes described in Minnesota Statutes, Section 475.67, subdivision 3, subsection (b)(2)(i) and Chapter 475. 1.02. Sale of Bonds. The City has retained Ehlers & Associates, Inc., an independent financial advisor, to assist the City in connection with the sale of the Bonds. The Bonds are being sold pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9), without meeting the requirements for public sale under Minnesota Statutes, Section 475.60, Subdivision 1. Pursuant to the Terms and Conditions of Sale for the Bonds, (__) proposals for the purchase of the Bonds were received at or before the time specified for receipt of proposals. The proposals have been opened and publicly read and considered, and the purchase price, interest rates and true interest cost under the terms of each bid have been determined. The most favorable proposal received is that of I of and associates (the "Purchaser"), to purchase the Bonds at a price of $ the Bonds to bear interest at the rates set forth in Section 2.01. The proposal is hereby accepted, and the Mayor and the City Manager are hereby authorized and directed to execute a contract on the part of the City for the sale of the Bonds with the Purchaser. The good faith checks of the unsuccessful bidders shall be returned forthwith. 1.03. Savings. It is hereby determined that: (i) by the issuance of the Bonds to refund the Refunded Bonds, the City will realize a substantial interest rate reduction, a gross savings of approximately $ and a present value savings (using the yield on the Bonds, computed in accordance with Section 148 of the