Laserfiche WebLink
13 <br /> Councilmember then introduced the following <br /> resolution and moved its adoption: <br /> RESOLUTION 03427 <br /> RESOLUTION RELATING TO $1,700,000 GENERAL OBLIGATION <br /> IMPROVEMENT BONDS, SERIES 2003A; 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 various street improvements (collectively the"Improvements"). The present <br /> estimated total cost of the Improvements is as follows: <br /> Project Costs ....................................................... $1,484,968 <br /> Construction Contingency ................................... 120,000 <br /> Issuance Expenses ............................................... 18,670 <br /> Capitalized Interest ............................................. 55,112 <br /> Discount Allowance ............................................ 21,250 <br /> Total .............................................................. $1,700,000 <br /> This Council hereby determines to issue and sell $1,700,000 principal amount of General <br /> Obligation Improvement Bonds, Series 2003A, 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 /> $21,250 representing interest as provided in Minnesota Statutes, Section 475.56. The City has <br /> retained Ehlers & Associates, Inc. to act as financial advisor to the City in connection with the <br /> issuance and sale of the Bonds, and it is hereby determined to sell the Bonds without meeting the <br /> requirements as to public sale under Minnesota Statutes, Section 475.60, subdivision 1,pursuant <br /> to the exception from such requirement contained in clause (9) of Minnesota Statutes, Section <br /> 475.60, subdivision 2. <br /> 1.02. Sale of Bonds. The City has received (_�proposals <br /> for the purchase of the Bonds. The most favorable proposal received is that of <br /> of , <br /> (the"Purchaser"), to purchase the Bonds at a price of$ , <br /> the Bonds to bear interest at the rates-set forth in Section 3.01 hereof and to be subject to the <br /> -1- <br />