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Member Marks then introduced the following resolution <br /> and moved its adoption: <br /> RESOLUTION NO. 90-043 <br /> RESOLUTION AUTHORIZING ISSUANCE, AWARDING <br /> SALE, PRESCRIBING THE FORM AND DETAILS AND <br /> PROVIDING FOR THE PAYMENT OF $1,550,000 GENERAL <br /> OBLIGATION REFUNDING BONDS, SERIES 1991A <br /> BE IT RESOLVED by the City Council of the City of St. Anthony, <br /> Minnesota (the Issuer), as follows: <br /> Section 1. Authorization and Sale. <br /> (a) This Council, by Resolution No. 90-040 adopted November 27, 1990, <br /> authorized the issuance and public sale of $1,550,000 General Obligation Refunding <br /> Bonds, Series 1991A (the Bonds), of the Issuer, the proceeds of which will be used, <br /> together with funds on hand as may be required, to refund on February 1, 1991 the <br /> 1994 through 1998 maturities, aggregating $1,550,000 (the Refunded Bonds), of the <br /> Issuer's outstanding General Obligation Tax Increment Bonds, Series 1985B (the <br /> • 1985B Bonds). <br /> (b) Notice of Sale has been duly published. Pursuant to the Official <br /> Terms of Offering and the Notice of Sale, 9 sealed bids for the purchase of the <br /> Bonds were received at or before the time specified for receipt of bids. The bids have <br /> been opened, publicly read and considered and the purchase price, interest rates and <br /> net interest cost under the terms of each bid have been determined. The most <br /> favorable bid received is that of Cronin & Company, Incorporated <br /> of Minneapolis Minnesota and associates (the <br /> Purchaser), to purchase the Bonds at a price of$ 1,545,99h plus accrued interest <br /> on all Bonds to the day of delivery and payment, on the further terms and <br /> conditions hereinafter set forth. <br /> (c) The sale of the Bonds is hereby awarded to the Purchaser and the <br /> Mayor and Manager are hereby authorized and directed on behalf of the Issuer to <br /> execute a contract for the sale of the Bonds in accordance with the terms of the bid. <br /> The good faith check of the Purchaser shall be retained and deposited by the Issuer <br /> until the Bonds have been delivered and shall be deducted from the purchase price <br /> paid at settlement. The good faith checks of other bidders shall be returned to them <br /> forthwith. <br /> • <br />