CC RES 92-039 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE OF $405,000 LIQUOR STORE REVENUE REFUNDING BONDS

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Member Marks introduced the following resolution and • moved its adoption: RESOLUTION NO. 92- 0 3 9 RESOLUTION RELATING TO $405,000 LIQUOR STORE REVENUE REFUNDING BONDS, SERIES 1992; AWARDING THE SALE, FIXING THE FORM AND DETAILS, PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE SECURITY THEREFOR BE IT RESOLVED by the City Council of the City of St. Anthony, (the City), as follows: Section 1. Authorization and Sale. 1.01. Municil2al Liquor Store. The City owns and operates one or more municipal liquor stores (collectively the Store) for the on-sale and off-sale of intoxicating liquor and other merchandise in accordance with the provisions of Minnesota Statutes, Chapter 340A. 1.02. Existing; Indebtedness and Liens. There is presently outstanding the Liquor Store Revenue Bonds, Series 1987 of the City originally dated as of July 1, 1987 (the 1987 Bonds), which are payable from the net revenues of the Store, and constituting a first lien and charge on the net revenues derived and to be derived from the operation of the Store. The 1987 Bonds were issued pursuant to a Resolution No. 87-021 adopted by this Council on May 26, 1987 (the Authorizing Resolution). Except for the 1987 Bonds, there are no other bonds, certificates or other obligations of the City which constitute a lien or charge upon the net revenues of the Store. Capitalized terms used herein and not otherwise defined herein shall have the meaning given to them in the Authorizing Resolution. 1.03. Refunding Bonds; Pari , Lien. It is in the best interest of the City, its residents and the customers of the Store for the City to issue at this time its Liquor Store Revenue Refunding Bonds, Series 1992 in the principal amount of $405,000 (the Bonds), upon the terms and conditions hereinafter set forth, to refund in advance of their maturity the 1987 Bonds maturing in the years 1994 through 1998 (the Refunded Bonds). It is in the best interest of the City that the Bonds be payable primarily from the Net Revenues of the Store and that the lien and charge on such Net Revenues of the Store for the payment of both principal and interest on the Bonds be on a parity with the lien upon such Net Revenues of the Store as to payment as to both principal and interest with the 1987 Bonds. Section 3.06 of the Authorizing Resolution provides that additional obligations may be issued by the • City payable from the Net Revenues of the Store on a parity with the 1987 Bonds if the Net Revenues of the Store in the last complete fiscal year immediately preceding