CC RES 09-036 RESOLUTION RELATING TO $5,245,000 GENERAL OBLIGATION BONDS, SERIES 2009A; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VOLREM TAXES FOR THE PAYMENT T

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Councilmember Stille then introduced the following resolution and moved its adoption: RESOLUTION 09-036 RESOLUTION RELATING TO $5,175,000 GENERAL OBLIGATION BONDS, SERIES 2009A; 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. The City has presently outstanding its General Obligation Storm Sewer Revenue Bonds, Series 2000A, initially dated as of July 1, 2000 (the"Series 2000A Bonds") and its General Obligation State-Aid Street Bonds, Series 2000B, initially dated as of July 1, 2000 (the "Series 2000B Bonds," and together with the Series 2000A Bonds, the"Prior Bonds"). The Series 2000A Bonds were issued pursuant to Minnesota Statutes, Section 475.65 and are payable primarily out of the net revenues (the"Net Revenues") to be derived from the municipal storm sewer utility of the City(the "System"). The Series 2000B Bonds were issued to defray the expense incurred and estimated to be incurred by the City in making improvements to various state-aid roads in the City, including every item of cost of the kinds authorized in Minnesota Statutes, Section 475.65 and are payable primarily from money allotted to the City from its account in the Municipal State-Aid Street Fund of the State of Minnesota. This Council hereby determines that it is in the best interest of the City to issue its $5,175,000 General Obligation Bonds, Series 2009A(the"Bonds") for the purpose of currently refunding on June 1, 2009 all of the outstanding Prior Bonds, and for the purpose of financing the 2009 road reconstruction projects being undertaken by the City pursuant to Minnesota Statutes, Chapter 429 (the"Improvements") and improvements to Emerald Park by the City (the"Park Improvements"). The portion of the Bonds issued to refund the Series 2000A Bonds are referred to as the"Storm Sewer Bonds" and are issued pursuant to the Minnesota Statutes, Chapter 475, the portion of the Bonds issued to refund the Series 2000B Bonds are referred to as the"State- Aid Street Bonds" and are issued pursuant to Minnesota Statutes, Chapter 475, the portion of the Bonds issued to finance the 2009 road reconstruction projects by the City are designated as the "Improvement Bonds" and are issued pursuant to Minnesota Statutes, Chapter 429 and the portion of the Bonds issued to finance the improvements to Emerald Park are designated as the "Abatement Bonds" and are issued pursuant to Minnesota Statutes, Section 469.1814 and Chapter 475. The allocation of the Bonds for this purpose is set forth in Section 3.01 hereof. 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, ten 00 proposals