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• Councilmember then introduced the <br /> following resolution and moved its adoption: <br /> RESOLUTION 93- 0 3 9 <br /> RESOLUTION RELATING TO $470,000 GENERAL <br /> OBLIGATION IMPROVEMENT BONDS, SERIES 1993A; <br /> AWARDING THE SALE, FIXING THE FORM AND DETAILS <br /> AND PROVIDING FOR THE EXECUTION AND DELIVERY <br /> THEREOF AND SECURITY THEREFOR AND LEVYING AD <br /> VALOREM TAXES FOR THE PAYMENT THEREOF <br /> BE IT RESOLVED by the City Council of the City of St. Anthony, <br /> Minnesota (the "City"), as follows: <br /> Section 1. Recitals, Authorization and Sale of Bonds. <br /> 1.01. Authorization. This Council has heretofore ordered various <br /> improvements, to be constructed within the City under and pursuant to Minnesota <br /> Statutes, Chapter 429, consisting of street reconstruction and replacement of water <br /> main and storm sewer on 31st Avenue N.E. (from Rankin Road to Old Highway 8) <br /> and Croft Drive (from Rankin Road to 31st Avenue N.E.), and bituminous overlay <br /> improvement over the existing pavement on Rankin Road (from Old Highway 8 to <br /> 32nd Avenue N.E.) and on Croft Drive (from 31st Avenue N.E. to 200 feet along <br /> 32nd Avenue N.E. beyond cul-de-sac) (collectively the "Improvements"). The <br /> present estimated total cost of the Improvements is as follows: <br /> Project Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . $420,581 <br /> Contingency . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,369 <br /> Discount Allowance . . . . . . . . . . . . . . . . . . . . 7,050 <br /> Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $470,000 <br /> This Council hereby determines to issue and sell $470,000 principal amount of <br /> General Obligation Improvement Bonds, Series 1993A, of the City (the 'Bonds") to <br /> defray the expense incurred and estimated to be incurred by the City in making the <br /> Improvements, including every item of cost of the kinds authorized in Minnesota <br /> Statutes, Section 475.65, and $ representing interest as provided in <br /> Minnesota Statutes, Section 475.56. The City has retained Springsted Incorporated to <br /> act as financial advisor to the City in connection with the issuance and sale of the <br /> Bonds, and it is hereby determined to sell the Bonds without meeting the <br /> requirements as to public sale under Minnesota Statutes, Section 475.60, subdivision <br /> 1, pursuant to the exception from such requirement contained in clause (9) of <br /> Minnesota Statutes, Section 475.60, subdivision 2. <br />