CC RES 03-028 A RESOLUTION RELATING TO $2,200,000 GENERAL OBLIGATION WATER AND SEWER REVENUE BONDS, SERIES 2003B; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR

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Councilmember Sparks then introduced the following resolution • and moved its adoption: RESOLUTION NO. 03- 028 RESOLUTION RELATING TO $2,200,000 GENERAL OBLIGATION WATER AND SEWER REVENUE BONDS, SERIES 200313; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR BE IT RESOLVED by the City Council (the "Council") of the City of St. Anthony, Minnesota (the "City"), as follows: Section 1. Recitals, Authorization and Sale of Bonds. 1.01. Authorization. The City owns and operates a municipal water and sanitary sewer utility(the "Utility"). This Council has heretofore ordered construction of improvements to the Utility. This Council has heretofore determined to issue and sell $2,200,000 principal amount of General Obligation Water and Sewer Revenue Bonds, Series 2003B, of the City (the "Bonds") to defray 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 $33,000 representing interest as provided in Minnesota Statutes, Section • 475.56. 1.02. Sale of Bonds. The City has retained Ehlers & Associates, Inc., an independent financial advisor, to assist the City in connection with the sale of the Bonds. The Bonds are being sold pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9), without meeting the requirements for public sale under Minnesota Statutes, Section 475.60, Subdivision 1. Pursuant to the Terms and Conditions of Sale for the Bonds, proposals for the purchase of the Bonds were received at or before the time specified for receipt of proposals. The proposals have been publicly read and considered, and the purchase price, interest rates and net interest cost under the terms of each proposal have been determined. The most favorable proposal received is that of , of , , and associates (the "Purchaser"), to purchase the Bonds at a price of$ , the Bonds to bear interest at the rates set forth in Section 3.01. The proposal is hereby accepted, and the Mayor and the City Manager are hereby authorized and directed to execute a contract on the part of the City for the sale of the Bonds with the Purchaser. The good faith checks of the unsuccessful bidders shall be returned forthwith. 1.03. Performance of Requirements. The City is authorized by Minnesota Statutes, Section 444.075, to issue and sell the Bonds to pay the costs of the Improvements, and to pledge to the payment of the Bonds net revenues to be derived from charges for the service, use and availability of the Utility. The City presently has no outstanding obligations which constitute a lien on the net revenues of the Utility. All acts, conditions and things which are •