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• Councilmember Thuesen then introduced the following resolution and <br /> moved its adoption: <br /> RESOLUTION NO. 00- 0 4 8 <br /> RESOLUTION RELATING TO $1,610,000 GENERAL OBLIGATION <br /> STORM SEWER REVENUE BONDS, SERIES 2000A; AWARDING THE <br /> SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR <br /> THE EXECUTION AND DELIVERY THEREOF AND SECURITY <br /> THEREFOR <br /> BE IT RESOLVED by the City Council (the "Council') of the City of St. Anthony, <br /> Minnesota (the "City"), as follows: <br /> Section 1. Recitals Authorization and Sale of Bonds. <br /> 1.01. Authorization. The City owns and operates a municipal storm sewer utility (the <br /> "Utility"). This Council has heretofore ordered construction of improvements to the Utility. This <br /> Council has heretofore determined to issue and sell $1,610,000 principal amount of General Obligation <br /> Storm Sewer Revenue Bonds, Series 2000A, of the City (the "Bonds") to defray the expense incurred <br /> and estimated to be incurred by the City in making the Improvements, including every item of cost of <br /> the kinds authorized in Minnesota Statutes, Section 475.65, and $19,320 representing interest as <br /> provided in Minnesota Statutes, Section 475.56. <br /> 1.02. Sale of Bonds. The City has retained Springsted Incorporated, an independent <br /> financial advisor, to assist the City in connection with the sale of the Bonds. The Bonds are being sold <br /> pursuant to Minnesota Statutes, Section 475.60, Subdivision 2,paragraph (9), without meeting the <br /> requirements for public sale under Minnesota Statutes, Section 475.60, Subdivision 1. Pursuant to the <br /> Terms and Conditions of Sale for the Bonds, seven (_Z_) proposals for the purchase of the Bonds <br /> were received at or before the time specified for receipt of proposals. The proposals have been <br /> publicly read and considered, and the purchase price, interest rates and net interest cost under the <br /> terms of each proposal have been determined. The most favorable proposal received is that of <br /> pain Rauscher Incorporated , of Minneapol Is Minnesota , and associates <br /> (the"Purchaser"), to purchase the Bonds at a price of$1 ,591,505 a Bonds to bear interest at the <br /> rates set forth in Section 3.01. The proposal is hereby accepted, and the Mayor and the City Manager <br /> are hereby authorized and directed to execute a contract on the part of the City for the sale of the <br /> Bonds with the Purchaser. The good faith checks of the unsuccessful bidders shall be returned <br /> forthwith. <br /> 1.03. Performance of Requirements. The City is authorized by Minnesota Statutes, <br /> • Section 444.075, to issue and sell the Bonds to pay the costs of the Improvements, and to pledge to <br /> the payment of the Bonds net revenues to be derived from charges for the service, use and availability <br />