Laserfiche WebLink
17 <br /> Councilmember then introduced the following resolution <br /> and moved its adoption: <br /> RESOLUTION NO. 03- 028 <br /> RESOLUTION RELATING TO $2,200,000 GENERAL OBLIGATION <br /> WATER AND SEWER REVENUE BONDS, SERIES 200313; <br /> AWARDING THE SALE, FIXING THE FORM AND DETAILS AND <br /> PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF <br /> AND SECURITY THEREFOR <br /> BE IT RESOLVED by the City Council (the"Council") of the City of St. <br /> Anthony, Minnesota(the"City"), as follows: <br /> Section 1. Recitals. Authorization and Sale of Bonds. <br /> 1.01. Authorization. The City owns and operates a municipal water and sanitary <br /> sewer utility(the"Utility"). This Council has heretofore ordered construction of improvements <br /> to the Utility. This Council has heretofore determined to issue and sell $2,200,000 principal <br /> amount of General Obligation Water and Sewer Revenue Bonds, Series 2003B, of the City(the <br /> `.`Bonds") to 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 Statutes, <br /> Section 475.65, and $33,000 representing interest as provided in Minnesota Statutes, Section <br /> 475.56. <br /> 1.02. Sale of Bonds. The City has retained Ehlers &Associates, Inc., an <br /> independent financial advisor, to assist the City in connection with the sale of the Bonds. The <br /> Bonds are being sold pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph <br /> (9),without meeting the requirements for public sale under Minnesota Statutes, Section 475.60, <br /> Subdivision 1. Pursuant to the Terms and Conditions of Sale for the Bonds, <br /> U proposals for the purchase of the Bonds were received at or before the time specified for <br /> receipt of proposals. The proposals have been publicly read and considered, and the purchase <br /> price, interest rates and net interest cost under the terms of each proposal have been determined. <br /> The most favorable proposal received is that of , of <br /> and associates (the"Purchaser"), to purchase the Bonds at <br /> a price of$ , the Bonds to bear interest at the rates set forth in Section 3.01. <br /> The proposal is hereby accepted, and the Mayor and the City Manager are hereby authorized and <br /> directed to execute a contract on the part of the City for the sale of the Bonds with the Purchaser. <br /> The good faith checks of the unsuccessful bidders shall be returned forthwith. <br /> 1.03. Performance of Requirements. The City is authorized by Minnesota <br /> Statutes, Section 444.075, to issue and sell the Bonds to pay the costs of the Improvements, and <br /> to pledge to the payment of the Bonds net revenues to be derived from charges for the service, <br /> use and availability of the Utility. The City presently has no outstanding obligations which <br /> constitute a lien on the net revenues of the Utility. All acts, conditions and things which are <br /> -1- <br />