CC RES 10-031 RESOLUTION RELATING TO $1,375,000 GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 2010A; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM

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Councilmember Stille then introduced the following resolution and moved its adoption: RESOLUTION 10-031 RESOLUTION RELATING TO $1,375,000 GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 2010A; 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 Council, hereby determines that it is in the best interests of the City to issue its General Obligation Street Reconstruction Bonds, Series 2010A (the "Bonds"), in the approximate principal amount of$1,375,000. The proceeds of the Bonds will be used, together with any additional funds of the City which might be required, to finance the cost of street reconstruction projects (the "Projects"), as described in the 5-Year Street Reconstruction Plan adopted by this Council, following a public hearing, on March 23, 2010, pursuant to Minnesota Statutes, Section 475.58, subdivision 3b. A petition requesting a vote on the question of issuing the Bonds, signed by voters equal to five percent of the votes cast in the last municipal general election, was not filed within 30 days of the public hearing. Accordingly, the issuance of the Bonds is authorized without an election. 1.02. Sale of Bonds. The City has received five (5) proposals for the purchase of the Bonds. The most favorable proposal received is that of Wells Fargo Advisors, of St. Louis, Missouri (the"Purchaser"), to purchase the Bonds at a price of$1,362,901.80, the Bonds to bear interest at the rates set forth in Section 3.01 hereof and to be subject to the further terms and conditions set forth in this Resolution. 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. 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 performed precedent to and in the valid issuance of the Bonds having been done, existing, having happened and having been performed, it is now necessary for this Council to establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith. Section 2. Form of Bonds. The Bonds shall be prepared in substantially the following form: