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Councilmember then introduced the <br /> following resolution and moved-its adoption: <br /> RESOLUTION 97- 0 2 5 <br /> RESOLUTION RELATING TO $690,000 GENERAL <br /> OBLIGATION IMPROVEMENT BONDS, SERIES 1997A; <br /> AWARDING THE SALE, FIXING THE FORM AND DETAILS <br /> AND PROVIDING FOR THE EXECUTION AND DELIVERY <br /> THEREOF AND SECURITY THEREFOR AND LEVYING AD <br /> VALOREM TAXES FOR THE PAYMENT THEREOF <br /> BE IT RESOLVED by the City Council of the City of St. Anthony, <br /> Minnesota (the "City"), as follows: <br /> Section 1. Recitals, Authorization and Sale of Bonds. <br /> 1.01. Authorization. This Council has heretofore ordered the 1997 <br /> Street Improvements to be constructed-within the City under and pursuant to <br /> Minnesota Statutes, Chapter 429, consisting of utility improvmeents, replacement of <br /> • existing watermain and storm sewer and street improvements (collectively the <br /> "Improvements"). The present estimated total cost of the Improvements is as <br /> follows: <br /> Project Costs . . . . . . . . . . . . . . . . . .. . . . . . . . . $665,470 <br /> Issuance Expenses . . . . . . . . . . . . . . . . . . . . . . 16,250 <br /> Discount Allowance . . . . . . . . . . . . . . . . . . . . 8,280 <br /> Total . . . . . . . . . . . . . . . . . :. . . . . . . . . . . . . $690,000 <br /> This Council hereby determines to issue and sell $690,000 principal amount of <br /> General Obligation Improvement Bonds, Series 1997A, of the City (the "Bonds") to <br /> defray 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 <br /> Statutes, Section 475.65,and $8,280 representing interest as provided in Minnesota <br /> Statutes, Section 475.56. The City has retained Springsted Incorporated to act as <br /> financial advisor to the City in connection with the issuance and sale of the Bonds, <br /> and it is hereby determined to sell the.Bonds without meeting the requirements as <br /> to public sale under Minnesota Statutes, Section 475.60, subdivision 1, pursuant to <br /> the exception from such requirement contained in clause (9) of Minnesota Statutes, <br /> Section 475.60, subdivision 2. <br /> • 1.02. Sale of Bonds. The City has received proposals for the <br /> purchase of the Bonds. The most favorable proposal received is that of <br />