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CITY OF ST. ANTHONY <br /> RESOLUTION 00-041 44 <br /> -. RESOLUTION CALLING FOR THE SALE OF GENERAL <br /> OBLIGATION STATE-AID STREET BONDS, SERIES 2000B <br /> BE IT RESOLVED by the City Council of the City of St. Anthony (the City), as <br /> follows: <br /> Section 1. Purpose. The City Council has determined to be in the best interests of the <br /> City to issue its General Obligation State-Aid Street Bonds, Series 2000B in the principal amount of <br /> $950,000 (the Bonds) pursuant to Minnesota Statutes, Section 162.18 and Chapter 475 to finance the <br /> cost of construction and improvement of various state-aid roads (the Projects). The Bonds shall be <br /> issued on terms such that the average annual amount of principal and interest due in all subsequent <br /> calendar years on the Bonds shall not exceed 50 percent of the amount of the last annual allotment <br /> received by the City from the municipal state aid fund. <br /> Section 2. Terms of Proposal. Springsted Incorporated, financial consultant to the <br /> City, has presented to this Council a form of Terms of Proposal for sale of the Bonds, which is attached <br /> hereto and hereby approved and shall be placed on file with the City Clerk. Each and all of the <br /> provisions of the Terms of Proposal are hereby adopted as the terms and conditions of the Bonds and <br /> of the sale thereof. Springsted Incorporated, as independent financial advisors, pursuant to Minnesota <br /> Statutes, Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit bids for the Bonds <br /> ® on behalf of the City on a negotiated basis. <br /> Section 3. Sale Meeting. This Council shall meet with the City Hall on Tuesday, <br /> May 23, 2000 at 7:00 o'clock P.M. for the purpose of considering sealed bids for the purchase of the <br /> Bonds, and of taking such action thereon as may be in the best interests of the City. <br /> Section 4. Reimbursement of Costs from Proceeds of the Bonds. All or a portion of <br /> the costs-of the'Projects maybe paid by-the City pnorto the issuance of the Bonds to•finance•the-•••­ - __.., <br /> Projects, and to the extent such costs are paid by the City prior to the issuance of the Bonds it is the <br /> reasonable intent of the City to reimburse all of a portion of the costs of the Projects paid by the City <br /> prior to the issuance of the Bonds from the proceeds of the Bonds. <br /> Adopted <br /> Attest: <br /> City Clerk Mayor <br /> Reviewed for administration. <br /> • City Manager <br />