CC RES 00-096 A RESOLUTION CALLING FOR THE SALE OF GENERAL OBLIGATION TAX ABATEMENT BONDS, SERIES 2001A

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> CITY OF ST. ANTHONY RESOLUTION 00-096 • RESOLUTION CALLING FOR THE SALE OF GENERAL OBLIGATION TAX ABATEMENT BONDS, SERIES 2001 A BE IT RESOLVED by the City Council of the City of St. Anthony (the City), as follows: Section 1. Purpose. To finance improvements to Central Park (the Project) the City and Independent School District No. 282 (the District) have each agreed pursuant to Minnesota Statutes, Section 469.1812 to 469.1815 (the Act) to grant an abatement of property taxes imposed by the City and District on parcels of property located in the City and District. To finance the Project it is hereby determined to be in the best interests of the City to issue its General Obligation Tax Abatement Bonds, Series 2001A (the Bonds), pursuant to Minnesota Statutes, Chapters 475 and the Act. The principal of and interest on the Bonds will be paid by the property taxes abated by the City and District. The District has pledged and assigned to the City the taxes to be abated by the District under the Act to finance the Project. 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, January 23, 2001 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 Project may be paid by the City prior to the issuance of the Bonds to finance the Project, 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 Project paid by the.City prior to the issuance of the Bonds from the proceeds of the Bonds. Dated the 11`h day of December, 2000. Attest: A City Clerk Mayor Reviewed for administration. City M ager