CC RES 03-029 A RESOLUTION RELATING TO $310,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES, SERIES 2003C; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND LEVYING AD VALOREM

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• Councilmember Sparks then introduced the following resolution and moved its adoption: RESOLUTION NO. 03- 029 RESOLUTION RELATING TO $320,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2003C; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND LEVYING AD VALOREM TAXES FOR THE PAYMENT THEREOF BE IT RESOLVED by the City Council (the"Council") of the City of St. Anthony, Minnesota(the City), as follows: Section 1. Authorization and Sale. 1.01. Authorization. This Council has heretofore determined that it is necessary and expedient for the City to issue and sell its General Obligation Equipment Certificates of Indebtedness, Series 2003C in the principal amount of$320,000, $2,400 of such amount representing interest as provided in Minnesota Statutes, Section 475.56,to finance the purchase of fire and public works equipment having at least a 5-year useful life pursuant to Minnesota Statutes, Section 412.301. The obligations shall be general obligation negotiable securities denominated General Obligation Equipment Certificates of Indebtedness, Series 2003C, issued in the aggregate principal amount of$320,000 (the "Certificates"). The principal amount of the Certificates does not exceed 0.25 percent of the market value of taxable property in the City. 1.02. Sale of the Certificates. The City has retained Ehlers &Associates, Inc., an independent financial advisor, to assist the City in connection with the sale of the Certificates. The Certificates 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 Tenns and Conditions of Sale for the Certificates, (__) proposals for the purchase of the Certificates were received at or before the time specified for receipt of bids. The proposals have been publicly read and considered, and the purchase price, interest rates and net interest cost under the terms of each bid have been determined. The most favorable proposal received is that of , of (the"Purchaser"), to purchase the Certificates at a price of $ , the Certificates 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 Certificates with the Purchaser. The good faith checks of the unsuccessful bidders shall be returned forthwith. 1.03. Issuance of Certificates. All acts, conditions and things which are required • by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be