RES 15-075 AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $4,310,000 GENERAL OBLIGATION TAX INCREMENT REVENUE REFINANCING BONDS, SERIES 2015B

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Councilmember Stille introduced the following resolution and moved its adoption, which motion was seconded by Councilmember Gray: RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $4,310,000 GENERAL OBLIGATION TAX INCREMENT REVENUE REFUNDING BONDS, SERIES 2015B BE IT RESOLVED by the City Council (the Council) of the City of St. Anthony, Minnesota (the City), as follows: SECTION 1. AUTHORIZATION AND SALE. 1.01. Authorization. It is hereby determined to be in the best interests of the City to issue and sell its General Obligation Tax Increment Revenue Refunding Bonds, Series 2015B in the aggregate principal amount of $4,310,000 (the Bonds), pursuant to Minnesota Statutes Chapters 469 and 475, the proceeds of which will be used to effect an advance refunding, on August 1, 2016 (the Redemption Date) of the Housing and Redevelopment Authority of the City (the HRA) Tax Increment Revenue Bonds (Silver Lake Village Project), Series 2006, dated as of August 1, 2006 (the Refunded Bonds) issued to finance the construction of various public improvements within Tax Increment District No. 3-5 of the City (the District). The District is in existence and has not been decertified, and the amount of bonded indebtedness incurred pursuant to the Tax Increment Financing Plan for the District does not exceed the amount permitted by Subsection 2-9 thereof. 1.02. Sale. Pursuant to the Terms of Proposal and the Official Statement prepared on behalf of the City by Ehlers & Associates, Inc., financial advisor to the City, sealed 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 net interest cost under the terms of each proposal have been determined. The most favorable proposal received is that of Baird, in Milwaukee, Wisconsin, (the Purchaser), to purchase the Bonds at a price of $4,387,549.81 plus accrued interest, if any, to the date of delivery and payment on the further terms and conditions hereinafter set forth. 1.03. Award. The sale of the Bonds is hereby awarded to the Purchaser, and the Mayor and City Manager are hereby authorized and directed to execute a contract on behalf of the City for the sale of the Bonds in accordance with the terms of the proposal. The good faith deposit of the Purchaser shall be retained and deposited by the City until the Bonds have been delivered, and shall be deducted from the purchase price paid at settlement. 1.04. Savings. It is hereby determined that: (a) by the issuance of the Bonds the City will realize a substantial interest rate reduction, a gross savings of approximately $915,505.50 and a present value savings (using the yield on the Bonds, computed in accordance with Section 148 of the Internal Revenue Code of 1986, as amended (the “Code”), as the discount factor) of approximately $919,595.37; and