CC RES 92-038 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $405,000 LIQUOR STORE REFUNDING BONDS, SERIES 1992A

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THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: • TERMS OF PROPOSAL $405,000 CITY OF ST. ANTHONY, MINNESOTA LIQUOR STORE REVENUE REFUNDING BONDS, SERIES 1992A Proposals for the Bonds will be received by Springsted Incorporated on behalf of the City on Tuesday, August 25, 1992, until 11:00 A.M., Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 7:30 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated October 1, 1992, as the date of original issue, and will bear interest payable on January 1 and July 1 of each year, commencing July 1, 1993. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and interest. Principal will be payable at the main corporate office of the registrar and interest on each Bond will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature January 1 in the years and amounts as follows: 1994 $70,000 1996 $80,000 1998 $90,000 1995 $80,000 1997 $85,000 OPTIONAL REDEMPTION The Bonds will not be subject to payment in advance of their respective stated maturity dates. SECURITY AND PURPOSE The Bonds will be special obligations of the City payable solely from net operating profits of the City's municipal liquor stores and shall not constitute a debt for which the faith and credit or taxing powers of the City will be pledged. The proceeds will be used to refund all the outstanding Bonds maturing in the years 1994-1998 of the City's Liquor Store Revenue Bonds, Series 1987. TYPE OF PROPOSALS Proposals shall be for not less than $400,140 and accrued interest on the total principal amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit') in the form of a certified or cashier's check or a Financial Surety Bond in the amount of $4,500, is payable to the order of the City. If a check is used, it must accompany each proposal. If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a - i -