RES 15-033 Awarding Sale of GO Bonds

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Councilmember Stille then introduced the following resolution and moved its adoption: RESOLUTION 15-033 RESOLUTION RELATING TO $2,580,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2015A; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR THE PAYMENT THEREOF BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the "City"), as follows: Section 1. Recitals. Authorization and Sale of Bonds. 1.01. Authorization. This Council has heretofore ordered various local street reconstruction projects (collectively, the Improvements), to be constructed within the City under and pursuant to Minnesota Statutes, Chapter 429 (the Act). This Council hereby orders the Improvements in accordance with Minnesota Statutes, Section 429.031. This Council has previously determined to issue and sell $2,675,000 principal amount of General Obligation Improvement Bonds, Series 2015A, of the City (the Bonds) to defray a portion of the expense incurred and estimated to be incurred by the City in making the Improvements, including every item of cost of the kinds authorized in Minnesota Statutes, Section 475.65. The City has retained Ehlers & Associates, Inc. to act as financial advisor to the City in connection with the issuance and sale of the Bonds, and it is hereby determined to sell the Bonds without meeting the requirements as to public sale under Minnesota Statutes, Section 475.60, subdivision 1, pursuant to the exception from such requirement contained in clause (9) of Minnesota Statutes, Section 475.60, subdivision 2. 1.02. Sale of Bonds. The City has received nine (9) proposals for the purchase of the Bonds. The most favorable proposal received is that of United Bankers' Bank of Bloomington, Minnesota (the "Purchaser"), to purchase the Bonds at a price of $2,638,683.67, the Bonds to bear interest at the rates set forth in Section 3.01 hereof and to be subject to the further terms and conditions set forth in this Resolution. 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. Performance of Requirements. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Bonds having been done, existing, having happened and having been performed, it is now necessary for this Council to establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith.