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18 <br /> Councilmember then introduced the following <br /> resolution and moved its adoption: <br /> RESOLUTION 04-039 <br /> RESOLUTION RELATING TO $2,075,000 GENERAL OBLIGATION <br /> TEMPORARY IMPROVEMENT BONDS, SERIES 2004B; <br /> AWARDING THE SALE, FIXING THE FORM AND DETAILS AND <br /> PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF <br /> AND SECURITY THEREFOR AND LEVYING AD VALOREM <br /> TAXES FOR THE 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 various street improvements (collectively the "Improvements"). The present <br /> estimated total cost of the Improvements is as follows: <br /> Project Costs......................................................... $2,001,152 <br /> Issuance Expenses................................................ 25,000 <br /> Capitalized Interest............................................... 38,473 <br /> Discount Allowance ............................................. 10,375 <br /> Total................................................................ $2,075,000 <br /> This Council hereby determines to issue and sell$2,075,000 principal amount of General <br /> Obligation Temporary Improvement Bonds, Series 2004B, of the City (the`Bonds") to defray a <br /> portion of 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 Statutes, <br /> Section 475.65, and$21,480 representing interest as provided in Minnesota Statutes, Section <br /> 475.56. The City has retained Ehlers &Associates, Inc. to act as financial advisor to the City in <br /> connection with the issuance and sale of the Bonds, and it is hereby determined to sell the Bonds <br /> without meeting the requirements as to public sale under Minnesota Statutes, Section 475.60, <br /> subdivision 1,pursuant to the exception from such requirement contained in clause(9) of <br /> Minnesota Statutes, Section 475.60, subdivision 2. <br /> 1.02. Sale of Bonds. The City has received L_)proposals <br /> for the purchase of the Bonds. The most favorable proposal received is that of <br /> of , <br /> (the"Purchaser"), to purchase the Bonds at a price of$ , <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 />