CC RES 02-029 A RESOLUTION RELATING TO $ 1, 500,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2002A; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM TAXES

Home Browse Search

• Councilmember Faust then introduced the following resolution and moved its adoption: RESOLUTION 02- 029 RESOLUTION RELATING TO $1,500,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2002A; 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 an improvement project to be constructed within the City under and pursuant to Minnesota Statutes, Chapter 429, consisting of various street improvements (collectively the"Improvements"). The present estimated total cost of the Improvements is as follows: ProjectCosts.......................................................... $1,405,754 • Issuance Expenses................................................. 21,050 Capitalized Interest................................................ 56,696 Discount Allowance.............................................. 16.500 Total ................................................................ $1,500,000 This Council hereby determines to issue and sell $1,500,000 principal amount of General Obligation Improvement Bonds, Series 2002A, of the City (the "Bonds") to defray a portion of 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 $16,500 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. 1.02. Sale of Bonds. The City has received four (4)proposals for the purchase of the Bonds. The most favorable proposal received is that of Cronin &Company, Incorporated, of Minneapolis, Minnesota (the"Purchaser"), to purchase the Bonds at a price of$1,488,018.95, the Bonds to bear interest at the rates set forth in Section 3.01 hereof and to be subject to the further terms and conditions set forth in this Resolution. The proposal is hereby accepted, and is the Mayor and the City Manager are hereby authorized and directed to execute a contract on the