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Councilmember then introduced the following resolution and <br /> moved its adoption: <br /> RESOLUTION 98- 0 3 2 <br /> RESOLUTION RELATING TO $725,000 GENERAL OBLIGATION <br /> IMPROVEMENT BONDS, SERIES 1998A; AWARDING THE SALE, <br /> FIXING THE FORM AND DETAILS AND PROVIDING FOR THE <br /> EXECUTION AND DELIVERY THEREOF AND SECURITY <br /> THEREFOR AND LEVYING AD VALOREM TAXES FOR THE <br /> PAYMENT THEREOF <br /> BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota <br /> (the "City"), as follows: <br /> Section 1. Recitals,Authorization and Sale of Bonds. <br /> 1.01. Authorization. This Council has heretofore ordered the 1998 Street <br /> Improvements to be constructed within the City under and pursuant to Minnesota Statutes, <br /> Chapter 429, consisting of utility improvmeents, replacement of existing watermain and storm <br /> sewer and street improvements (collectively the "Improvements"). The present estimated total <br /> cost of the Improvements is as follows: <br /> Project Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . $698,250 <br /> Issuance Expenses . . . . . . . . . . . . . . . . . . . . . . . 17,325 <br /> Discount Allowance . . . . . . . . . . . . . . . . . . . . . . 9.425 <br /> Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $725,000 <br /> This Council hereby determines to issue and sell $725,000 principal amount of General <br /> Obligation Improvement Bonds, Series 1998A, of the City(the `Bonds")to defray the,expense <br /> incurred and estimated to be incurred by the City in making the Improvements, including every, <br /> item of cost of the kinds authorized in Minnesota Statutes, Section 475.65, and$9,425 <br /> representing interest as provided in Minnesota Statutes, Section 475.56. The City has,retained <br /> Springsted Incorporated to act as financial advisor to the City in connection with the issuance <br /> and sale of the Bonds, and it is hereby determined to sell the Bonds without meeting the <br /> requirements as to public sale under Minnesota Statutes, Section 475.60, subdivision 1, pursuant <br /> to the exception from such requirement contained in clause(9) of Minnesota Statutes, Section <br /> 475.60, subdivision 2. <br /> 1.02. Sale of Bonds. The City has received (_)proposals for the <br /> purchase of the Bonds. The most favorable proposal received is that of <br /> of (the "Purchaser"),to purchase the <br /> Bonds at a price of$ ,the Bonds to bear interest at the rates set forth in Section <br />