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Councilmember then <br /> introduced the following resolut on . and moved its adoption: . <br /> RESOLUTION NO. 87-021 <br /> RESOLUTION AUTHORIZING ISSUANCE, PRESCRIBING THE FORM AND- <br /> DETAILS AND PROVIDING FOR THE PAYMENT OF $690 ,000 LIQUOR <br /> STORE REVENUE BONDS, SERIES 1987 <br /> BE IT RESOLVED by the City Council of the City of St. <br /> Anthony, Minnesota, as follows : <br /> Section 1 . Authorization and Sale. <br /> 1 .01 . Recitals . The City has duly authorized . the <br /> establishment and operation of one or more municipal liquor <br /> stores (collectively, the Store ) for the on-sale and off-sale <br /> of intoxicating liquor and other merchandise in accordance with <br /> the provisions of Chapter 340A, Minnesota Statutes. <br /> 1 .02 . Project. It is in the best interest of the <br /> City, its residents and the customers of the Store that an <br /> addition be constructed to the existing Store and that the <br /> existing Store be remodeled. The Project is presently <br /> • estimated to cost approximately $690 ,000 . <br /> 1 .03 . Necessity of Issuance of Bonds. To provide <br /> funds for payment of the cost of the Project, it is necessary <br /> for the City to issue its revenue bonds, pursuant to Minnesota = <br /> Statutes, Section 426. 19 , in the principal amount of $690 ,000 . <br /> 1 .04. Sale. This Council has received an offer from <br /> in , <br /> to purchase $690 ,000 Liquor Store Revenue <br /> Bonds , Series 1987 , of the City (the Bonds) , at a price equal <br /> to $ and accrued interest, the Bonds to be issued on <br /> the further terms set forth in this resolution.. The offer is <br /> reasonable and advantageous to the City and is hereby accepted. <br /> 1 .05 . Sufficiency of Net Revenues. The revenues <br /> reasonably anticipated to be received from the operation of the <br /> Store as improved during the period for which the Bonds will be <br /> outstanding will be more than sufficient to pay all costs of <br /> the operation and maintenance thereof and to provide Net <br /> Revenues (as hereinafter defined) adequate to meet all payments <br /> of principal and interest on the Bonds as the same shall fall . <br /> due. There are no outstanding obligations payable from or <br /> constituting a lien or charge upon such Net Revenues , and it is <br /> in the best interests of the City that the Bonds be made <br /> payable solely from the Net Revenues . <br /> -3- <br />