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33 <br /> Councilmember then introduced the following <br /> resolution and moved its adoption: <br /> RESOLUTION 01- 053 <br /> RESOLUTION RELATING TO $1,160,000 GENERAL OBLIGATION <br /> IMPROVEMENT BONDS,SERIES 2001B; 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 an improvement <br /> project to be constructed within the City under and pursuant to Minnesota Statutes, Chapter 429, <br /> consisting of street, water and sewer improvements (collectively the "Improvements"). The <br /> present estimated total cost of the Improvements is as follows: <br /> Project Costs ....................................................... $2,020,600 <br /> Less: Available City_Funds ................................. (939,700) <br /> Issuance Expenses.............................................:. 23,722 <br /> Capitalized Interest ............................................. 41,458 <br /> Discount Allowance ............................................ 13,920 <br /> Total .............................................................. $1,160,000 <br /> This Council hereby determines to issue and sell $1,160,000 principal amount of General <br /> Obligation Improvement Bonds, Series 2001B, of the City (the"Bonds") to defray a portion of <br /> the expense incurred and estimated to be incurred by the City in making the Improvements, <br /> including every item of cost of the kinds authorized in Minnesota Statutes, Section 475.65, and <br /> $13,920 representing interest as provided in Minnesota Statutes, Section 475.56. The City has <br /> retained Springsted Incorporated to act as financial advisor to the City in connection with the <br /> issuance and sale of the Bonds, and it is hereby determined to sell the Bonds without meeting the <br /> requirements as to public sale under Minnesota Statutes, Section 475.60, subdivision 1, pursuant <br /> to the exception from such requirement contained in clause (9) of Minnesota Statutes, Section <br /> 475.60, subdivision 2. <br /> 1.02. Sale of Bonds. The City has received ( ) proposals <br /> for the purchase of the Bonds. The most favorable proposal received is that of <br /> of , <br /> (the "Purchaser"), to purchase the Bonds at a price of$ , <br /> the Bonds to bear interest at the rates set forth in Section 3.01 hereof and to be subject to the <br /> further terms and conditions set forth in this Resolution. The proposal is hereby accepted, and <br /> the Mayor and the City Manager are hereby authorized and directed to execute a contract on the <br />