CC RES 93-071 RESOLUTION RELATING TO $215,000 GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1994A; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE SECURITY T

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Councilmember Wagner then • introduced the following resolution and moved its adoption: RESOLUTION NO. 93-071 RESOLUTION RELATING TO $215,000 GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1994A; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE SECURITY THEREFOR BE IT RESOLVED by the City Council (the Council) of the City of St. Anthony, Minnesota (the City), as follows: Section 1. Authorization and Sale. 1.01. Authorization. The City has presently outstanding its General Obligation Tax Increment Bonds, Series 1985A, dated as of June 1, 1985 (the 1985A Bonds). This Council hereby authorizes the sale of $215,000 General Obligation Tax Increment Refunding Bonds, Series 1994A (the Bonds) of the City, the proceeds of which would be used, together with any additional funds of the City which might be required, to refund in advance of maturity the 1985A Bonds maturing in the years 1995 and thereafter which aggregate $215,000 in principal amount (the Refunded Bonds). The Refunded Bonds are payable from a tax increment financing district (the District) established by the Housing and Redevelopment Authority of St. Anthony, Minnesota (the HRA) in connection with the Old Highway 8 (Walbon) Redevelopment Plan of the HRA. 1.02. Sale of Bonds. The City has retained Springsted Incorporated, as independent financial advisors in connection with the sale of the Bonds. Pursuant to Minnesota Statutes, Section 475.60, subdivision 2, paragraph (9), the requirements as to public sale do not apply to the issuance of the Bonds. Proposals have been received for the sale of the Bonds, and the Council has publicly considered all proposals presented in conformity with the terms and conditions distributed by the City to potential purchasers of the Bonds. The most favorable of such proposals is ascertained to be that of John G. Kinnard s Co., Inc. , and associates, of Minneapolis ' Minnesota , (the Purchaser), to purchase the Bonds at a price of $213,108 plus accrued interest on all Bonds to the day of delivery and payment, on the further terms and conditions hereinafter set forth. 1.03 Award of Bonds. The sale of the Bonds is hereby awarded to the Purchaser and the Mayor and City Manager are hereby authorized and directed on behalf of the City to execute a contract for the sale of the Bonds in accordance with • the terms of the proposal. The good faith deposit of the Purchaser shall be retained