CC RES 93-039 RESOLUTION RELATING TO $470,000 GENERAL OBLIGATION IMPORVEMENT BONDS, SERIES 1993A; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING THE EXECUTION AND DELIVERY THEREOF AND SCURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR THE PAY

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Councilmember Marks then introduced the following resolution and moved its adoption: RESOLUTION 93- 0 3 9 RESOLUTION RELATING TO $470,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1993A; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR THE PAYMENT THEREOF BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the "City"), as follows: Section 1. Recitals, Authorization and Sale of Bonds. 1.01. Authorization. This Council has heretofore ordered various improvements, to be constructed within the City under and pursuant to 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 the "Improvements"). The present estimated total cost of the Improvements is as follows: Project Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . $420,581 Contingency . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,369 Discount Allowance . . . . . . . . . . . . . . . . . . . . 7,050 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $470,000 This Council hereby determines to issue and sell $470,000 principal amount of General Obligation Improvement Bonds, Series 1993A, of the City (the 'Bonds") to defray the expense incurred and estimated to be incurred by the City in making the Improvements, including every item of cost of the kinds authorized in Minnesota Statutes, Section 475.65, and $7,050 representing interest as provided in Minnesota Statutes, Section 475.56. The City has retained Springsted Incorporated to act as financial advisor to the City in connection with the issuance and sale of the Bonds, and it is hereby determined to sell the Bonds without meeting the requirements as to public sale under Minnesota Statutes, Section 475.60, subdivision 1, pursuant to the exception from such requirement contained in clause (9) of Minnesota Statutes, Section 475.60, subdivision 2.