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35 • Councilmember then introduced the following resolution and moved its adoption: RESOLUTION NO. 00- 0 4 9 RESOLUTION RELATING TO $950,000 GENERAL OBLIGATION STATE-AID STREET BONDS, SERIES 2000B; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR BE IT RESOLVED by the City Council (the "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 determined to issue and sell $950,000 principal amount of General Obligation State-Aid Street Bonds, Series 2000B, of the City (the "Bonds") to defray the expense incurred and estimated to be incurred by the City in making improvements to various state-aid roads in the City (the "Improvements"), including every item of cost of the kinds authorized in Minnesota Statutes, Section 475.65,-and $11,400 representing interest as provided in Minnesota Statutes, Section 475.56. 1.02. Sale of Bonds. The City has retained Springsted Incorporated, an independent financial advisor, to assist the City in connection with the sale of the Bonds. The Bonds are being sold pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9), without meeting the requirements for public sale under Minnesota Statutes, Section 475.60, Subdivision 1. Pursuant to the Terms and Conditions of Sale for.the Bonds, (__) proposals for the purchase of the Bonds were received at or before the time specified for receipt of proposals. The proposals have been publicly read and considered, and the purchase price, interest rates and net interest cost under the terms of each proposal have been determined. The most favorable proposal received is that of of , and associates (the"Purchaser"), to purchase the Bonds at a price of$ , the Bonds to bear interest at the rates set forth in Section 3.01. 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. The City is authorized by Minnesota Statutes, Section 162.18, to issue and sell the Bonds to pay the costs of the Improvements, and to pledge to the • payment of the Bonds money to be allotted to the City from its account in the Municipal State-Aid Street Fund of the State of Minnesota in such amount as shall be sufficient to pay the principal of and