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5 Councilmember then introduced the following resolution and moved its adoption: RESOLUTION NO. 14-050 RESOLUTION RELATING TO $3,750,000 GENERAL OBLIGATION TAX INCREMENT REVENUE REFUNDING BONDS, SERIES 201413; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR BE IT RESOLVED by the City Council (the "Council') of the City of St. Anthony, Minnesota (the "City"), as follows: Section 1. Recitals, Authorization and Sale of Bonds. 1.01. Authorization and Outstanding Bonds. The City and the Housing and Redevelopment Authority of the City of St. Anthony, Minnesota (the "Authority") have established Tax Increment Financing District No. 3-5 (the "TIF District') pursuant to authority granted by Minnesota Statutes, Sections 469.174 to 469.179, as amended (the "Tax Increment Act'), within the Redevelopment Project Area No. 3 of the Authority (the "Redevelopment Project'), and have approved a tax increment financing plan for the purpose of financing and refinancing certain improvements within the TIF District. The Authority has presently outstanding its Tax Increment Revenue Bonds (Silver Lake Village Phase IA Housing), Series 2007, initially dated as of April 17, 2007 (the "Prior Bonds") originally issued to finance the Redevelopment Project. This Council hereby determines that it is in the best interest of the City to issue its General Obligation Tax Increment Revenue Refunding Bonds, Series 2014B (the "Bonds"), of the City, the proceeds of which would be used, together with any additional funds of the City and Authority which might be required, to currently refund on August 1, 2014 (the "Redemption Date") all of the outstanding Prior Bonds. 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 publicly read and considered, and the purchase price, interest rates and net interest cost under the terms of each proposal have been determined. The most favorable proposal received is that of , of , (the "Purchaser"), to purchase the Bonds at a price of $ , the Bonds to bear interest at the rates set forth in Section 3.01. 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.