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. 59 Councilmember then introduced the following resolution and • moved its adoption: RESOLUTION NO. 01- 030 RESOLUTION RELATING TO $625,000 GENERAL OBLIGATION TAX ABATEMENT BONDS, SERIES 2001A; 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. Recitals. To pay all or a portion of the costs of park improvements or to pay principal of and interest on general obligation bonds to be issued by the City to pay for such park-improvements, the City Council by resolutions adopted November 28, 2000, and the School Board of Independent School District No. 282 (the "District") by resolutions adopted December 5, 2000, have granted an abatement of property taxes to be imposed by the City and • District,.respectively, on certain parcels in the City pursuant to Minnesota Statutes, Sections 469.1812 to 469.1815, for a period of 15 years commencing with property taxes payable in 2001 and concluding with property taxes payable in 2015 (the"Tax Abatement"). The revenues received by the City and District from such Tax Abatement are herein referred to as the "Tax Abatement Revenue". The District has pledged and agreed to pay the Tax Abatement Revenue received by the District to the City. 1.02. Authorization. This Council has hereby determines to issue and sell $625,000 principal amount of General Obligation Tax Abatement Bonds, Series 2001A, of the City (the "Bonds") to finance the construction of park improvements in the City (the "Improvements"), including every item of cost of the kinds authorized in Minnesota Statutes, Section 475.65, and $ representing interest as provided in Minnesota Statutes, Section 475.56. 1.03. 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 ,