CC RES 03-084 A RESOLUTION RELATING TO $ 1, 170,000 GENERAL OBLIGATION TAXABLE TAX INCREMENT REFUNDING BONDS, SERIES 2003E; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND

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adoption: Councilmember Faust then introduced the following resolution and moved its • RESOLUTION NO. 03-084 RESOLUTION RELATING TO $1,170,000 GENERAL OBLIGATION TAXABLE TAX INCREMENT REFUNDING BONDS, SERIES 200313; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE SECURITY THEREFOR 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. The Housing and Redevelopment Authority of St. Anthony, Minnesota(the "HRA") has established Apache Plaza Tax Increment District (Tax Increment District No. 3-Ramsey County), 39th and Silver Lake Road Tax Increment District (Tax Increment District No. 4-Ramsey County) and Chandler Place Tax Increment District(Ramsey County No. 58) (together, the "Districts") of the HRA. The City has issued its $1,720,000 Taxable General Obligation Tax Increment Bonds, Series 1996A, dated July 1, 1996 (the "1996 • Bonds") of the City, pursuant to Minnesota Statutes, Section 469.178 and Minnesota Statutes, Chapter 475, to finance a portion of the costs of the purchase by SUPERVALU INC. of land in the City which is subject to the redevelopment plans of the HRA, on which there was constructed a new CUB Foods store. This Council hereby authorizes the issuance and sale of$1,170,000 General Obligation Taxable Tax Increment Refunding Bonds, Series 2003E (the "Bonds") of the City,the proceeds of which will be used to refund in advance of their maturity the 2007 through 2013 maturities of the outstanding 1996 Bonds, aggregating $1,070,000 in principal amount (the "Refunded Bonds") in a"crossover refunding" as defined in Minnesota Statutes, Section 475.17, subdivision 13. 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. Interest on the Bonds will be subject to federal income taxation. Pursuant to the Terms of Proposal for the sale of the Bonds, five (5)proposals for the purchase of the Bonds were received at or before the time specified for receipt of proposals. The proposals have been opened and publicly read and considered, and the purchase price, interest rates and true interest cost under the terms of each bid have been determined. The most favorable proposal received is that of Cronin & Company, Inc., of Minneapolis, Minnesota, and associates (the "Purchaser"), to purchase the Bonds at a price of$1,164,161.15, 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.