CC RES 93-038 RESOLUTION CALLING FOR THE SALE OF GENERAL OBLIGATION IMPORVEMENT BONDS, SERIES 1993A

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CITY OF ST. ANTHONY RESOLUTION 93-038 A RESOLUTION CALLING FOR THE SALE OF GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1993A BE IT RESOLVED by the City Council of the City of St. Anthony (the City) as follows: Section 1. Purpose. The City Council has ordered various improvements under Minnesota Statutes, Chapter 429, consisting of street reconstruction and replacement of water main and storm sewer on 31st Avenue N.E. (from Rankin Road to Old Highway 8) and Croft Drive (from Rankin Road to 31st Avenue N.E.), and bituminous overlay improvement over the existing pavement on Rankin Road (from Old Highway 8 to 32nd Avenue N.E.) and on Croft Drive (from 31st Avenue N.E. to 200 feet along 32nd Avenue N.E. beyond cul-de-sac) (collectively Improvements). To finance the Improvements, it is determined to be in the best interests of the City to issue its General Obligation Improvement Bonds, Series 1993A (the Bonds), pursuant to Minnesota Statutes Chapters 429 and 475. Section 2. Terms of Proposal. Springsted Incorporated, financial consultant to the City, has presented to this Council a form of Terms of Proposal for sale of the Bonds, which is attached hereto and hereby approved and shall be placed on file with the City Clerk. Each and • all of the provisions of the Terms of Proposal are hereby adopted as the terms and conditions of the Bonds and of the sale thereof. Springsted Incorporated, as independent financial advisors, pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit bids for the Bonds on behalf of the City on a negotiated basis. Section 3. Sale Meeting. This Council shall meet at the City Hall on Tuesday, July 13, 1993, at 7:00 P.M., for the purpose of considering sealed bids for the purchase of the Bonds, and of taking such action thereon as may be in the best interests of the City. Section 4. Reimbursement of Costs from Proceeds of the Bonds. All or a portion of the costs of the Improvements may be paid by the City prior to the issuance of the Bonds to finance the Improvements, and to the extent such costs are paid by the City prior to the issuance of the Bonds it is the reasonable intent of the City to reimburse all of a portion of the costs of the Improvements paid by the City prior to the issuance of the Bonds from the proceeds of the Bonds. This is a declaration of official intent adopted pursuant to Section 1.103-18 of the Income Tax Regulations. As of the date hereof, there are not City funds reserved, allocated on a long term basis or otherwise set aside (or reasonably expected to be reserved, allocated on a long term basis or otherwise set aside) to provide permanent financing for the expenditures related to the Improvements, other than pursuant to the issuance of the Bonds. This resolution, therefore, is determined to be consistent with the City's budgetary and financial circumstances as they exist or are reasonably foreseeable on the date hereof, all within the meaning and content of Section 1.103-18 of the Income Tax Regulations.