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Councilmember Stille then introduced the following resolution and moved its
<br /> adoption:
<br /> RESOLUTION AUTHORIZING ISSUANCE, AWARDING
<br /> SALE, PRESCRIBING THE FORM AND DETAILS AND
<br /> PROVIDING FOR THE PAYMENT OF $9,495,000 GENERAL
<br /> OBLIGATION BONDS, SERIES 2012A
<br /> BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota
<br /> (the "City"), as follows:
<br /> Section 1. Authorization and Sale.
<br /> 1.01. Authorization of Bonds. On November 8, 2011, this Council held a public
<br /> hearing on the questions of approving the adoption of City of St. Anthony, Minnesota, Capital
<br /> Improvement Plan for the Years 2011 Through 2015 (the "Plan") and issuing general obligation
<br /> capital improvement plan bonds in for the purpose of purchasing the public works facility and
<br /> fire station (the "Facilities"), which Facilities are currently leased by the City from the Housing
<br /> and Redevelopment Authority of the City of St. Anthony (the "Authority"). The Facilities were
<br /> originally financed with proceeds of the Authority's $5,530,000 Public Facilities Lease Revenue
<br /> Bonds, Series 2003 (City of St. Anthony Annual Appropriation Lease Obligations) dated, as
<br /> originally issued, as of July 1, 2003 (the "Series 2003 Bonds").
<br /> This Council hereby determines that it is in the best interest of the City to issue its
<br /> $9,495,000 General Obligation Bonds, Series 2012A (the "Bonds") for the purpose of(i)
<br /> financing the cost of the 2012 road reconstruction project in the City (the "Improvements"); (ii)
<br /> purchasing the Facilities and in connection with such purchase refunding in advance of maturity
<br /> and prepaying on February 1, 2013 (the "Redemption Date") the 2013 through 2024 maturities,
<br /> aggregating $3,875,000 in principal amount, of the Series 2003 Bonds (the "Refunded Series
<br /> 2003 Bonds"); (iii) a crossover refunding on February 1, 2013 (the "Series 2006A Crossover
<br /> Date") the 2014 through 2022 maturities, aggregating $1,890,000 in principal amount, of the
<br /> City's General Obligation Improvement Bonds, Series 2006A, dated, as originally issued, as of
<br /> April 1, 2006 (the "Refunded Series 2006A Bonds"); and (iv) a crossover refunding on February
<br /> 1, 2014 (the "Series 2007A Crossover Date," together with the Series 2006A Crossover Date, the
<br /> "Crossover Dates") the 2015 through 2023 maturities, aggregating $1,380,000 in principal
<br /> amount, of the City's General Obligation Improvement Bonds, Series 2007A, dated, as originally
<br /> issued, as of April 24, 2007 (the "Refunded Series 2007A Bonds;" together with the Refunded
<br /> Series 2003 Bonds and the Refunded Series 2006A Bonds, the "Refunded Bonds"). The portion
<br /> of the Bonds issued to finance the Improvements are referred to as the "Improvement Bonds."
<br /> The portion of the Bonds issued to refund the Refunded Bonds are referred to as the "Refunding
<br /> Bonds." The Redemption Date is the earliest date upon which the Refunded Series 2003 Bonds
<br /> may be redeemed. The refunding of the Series 2006A Bonds and the Series 2007A Bonds
<br /> constitutes a"crossover refunding" as defined in Minnesota Statutes, Section 475.17, subd. 13.
<br /> The refunding of the Refunded Bonds is being carried out for the purposes described in
<br />
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