CC RES 00-042 A RESOLUTION CALLING FOR THE SALE OF GENERAL OBLIGATION STATE -AID STREET BONDS, SERIES 2000B

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' CITY OF ST. ANTHONY RESOLUTION 00-042 • RESOLUTION CALLING FOR THE SALE OF GENERAL OBLIGATION STATE-AID STREET BONDS, SERIES 2000B BE IT RESOLVED by the City Council of the City of St. Anthony(the City), as follows: Section 1. Purpose. The City Council has determined it to be in the best interests of the City to issue its General Obligation State-Aid Street Bonds, Series 2000B in the principal amount of$950,000 (the Bonds)pursuant to Minnesota Statutes, Section 162.18 and Chapter 475 to finance the cost of construction and improvement of various state-aid roads (the Projects). The Bonds shall be issued on terms such that the average annual amount of principal and interest due in all subsequent calendar years on the Bonds shall not exceed 50 percent of the amount of the last annual allotment received by the City from the municipal state aid fund. 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, June 13, 2000 at 7:00 o'clock 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 Projects may be paid by the City prior to the issuance of the Bonds to finance the Projects, 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 or a portion of the costs of the Projects paid by the City prior to the issuance of the Bonds from the roceeds of the Bonds. Adopted this 23rd day of May, 2000. Attest: &X� City Clerk Mayor Reviewed for administration. i�_,, City Manager •