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<br /> Councilmember Sparks introduced the following resolution and moved its
<br /> adoption,the reading of which was dispensed with by unanimous consent:
<br /> RESOLUTION NO. 03-083
<br /> RESOLUTION RELATING TO $585,000 GENERAL OBLIGATION
<br /> IMPROVEMENT AND REFUNDING BONDS, SERIES 200313; AUTHORIZING THE
<br /> ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS,
<br /> PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE
<br /> SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR THE
<br /> PAYMENT THEREOF
<br /> BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota
<br /> (the "City"), as follows:
<br /> Section 1. Recitals.
<br /> 1.01. Authorization. This Council hereby determines that it is in the best
<br /> interests of the City to issue its $585,000 General Obligation Refunding Bonds, Series 2003,
<br /> subject to adjustment in accordance with the Terms of Proposal (the "Bonds"), of the City to
<br /> refund in advance of their maturity the 2005 through 2009 maturities, aggregating $180,000 in
<br /> principal amount, of the outstanding General Obligation Improvement Bonds, Series 1993A,
<br /> dated August 1, 1993 (the "1993A Refunded Bonds") and the 2005 through 2010 maturities,
<br /> aggregating $265,000 in principal amount, of the outstanding General Obligation Improvement
<br /> Bonds, Series 1994B, dated June 1, 1994 (the "1994B Refunded Bonds") on February 1, 2004
<br /> and to refund in advance of their maturity the 2006 through 2011 maturities, aggregating
<br /> $440,000 in principal amount, of the outstanding General Obligation Improvement Bonds, Series
<br /> 1995A, dated March 1, 1995 (the "1995A Refunded Bonds" in a"crossover refunding" of the
<br /> 1995A Refunded Bonds as defined in Minnesota Statutes, Section 475.17, subdivision 13. The
<br /> 1993A Refunded Bonds, the 1994B Refunded Bonds and the 1995A Refunded Bonds are
<br /> together referred to as the "Refunded Bonds."
<br /> 1.02. Sale of Bonds. The City has retained Ehlers & Associates, Inc., an
<br /> independent financial advisor,to assist the City in connection with the sale of the Bonds. The
<br /> Bonds are being sold pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph
<br /> (9), without meeting the requirements for public sale under Minnesota Statutes, Section 475.60,
<br /> Subdivision 1. Pursuant to the Terms of Proposal for the sale of the Bonds, seven (7)proposals
<br /> for the purchase of the Bonds were received at or before the time specified for receipt of
<br /> proposals. The proposals have been opened and publicly read and considered, and the purchase
<br /> price, interest rates and true interest cost under the terms of each bid have been determined. The
<br /> most favorable proposal received is that of UMB Bank,N.A., of Kansas City, Missouri, and
<br /> associates (the "Purchaser"), to purchase the Bonds at a price of$581,419.80, the Bonds to bear
<br /> interest at the rates set forth in Section 3.01. The proposal is hereby accepted, and the Mayor
<br /> and the City Manager are hereby authorized and directed to execute a contract on the part of the
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