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Councilmember Jenson then introduced the following resolution and moved its adoption:
<br /> RESOLUTION 12-093
<br /> RESOLUTION RELATING TO $1,440,000 GENERAL
<br /> OBLIGATION WATER AND SEWER REVENUE REFUNDING
<br /> BONDS, SERIES 2013A; AWARDING THE SALE, FIXING
<br /> THE FORM AND DETAILS AND PROVIDING FOR THE
<br /> EXECUTION AND DELIVERY THEREOF AND SECURITY
<br /> THEREFOR AND LEVYING AD VALOREM TAXES FOR
<br /> THE PAYMENT THEREOF
<br /> BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the
<br /> "City"), as follows:
<br /> Section 1. Recitals, Authorization and Sale of Bonds.
<br /> 1.01. Authorization. The City owns and operates a municipal water and sanitary sewer
<br /> utility (the "Utility"). This Council hereby determines that it is in the best interest of the City to
<br /> issue its $1,440,000 General Obligation Water and Sewer Revenue Refunding Bonds,
<br /> Series 2013A (the "Bonds") for the purpose of currently refunding on February 1, 2013 (the
<br /> "Redemption Date") the 2014 through 2024 maturities, aggregating $1,450,000 in principal
<br /> amount, of the City's outstanding General Obligation Water and Sewer Revenue Bonds,
<br /> Series 2003B, initially dated as of April 16, 2003 (the "Prior Bonds").
<br /> 1.02. Sale of Bonds. The City has retained Ehlers & Associates, Inc., an independent
<br /> financial advisor, to assist the City in connection with the sale of the Bonds. The Bonds are
<br /> being sold pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9), without
<br /> meeting the requirements for public sale under Minnesota Statutes, Section 475.60,
<br /> Subdivision 1. Pursuant to the Terms and Conditions of Sale for the Bonds, three (3) 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 Raymond James & Associates, Inc., of Memphis,
<br /> Tennessee, and associates (the "Purchaser"), to purchase the Bonds at a price of$1,481,599.15,
<br /> the Bonds to bear interest at the rates set forth in Section 2.01. The proposal is hereby accepted,
<br /> and the Mayor and the City Manager are hereby authorized and directed to execute a contract on
<br /> the part of the City for the sale of the Bonds with the Purchaser. The good faith checks of the
<br /> unsuccessful bidders shall be returned forthwith.
<br /> 1.03. Performance of Requirements. The City is authorized by Minnesota Statutes,
<br /> Section 444.075 and Chapter 475, to issue and sell the Bonds to refund the Prior Bonds, and to
<br /> pledge to the payment of the Bonds net revenues to be derived from charges for the service, use
<br /> and availability of the Utility. Except for the Prior Bonds, the City presently has no outstanding
<br /> obligations which constitute a lien on the net revenues of the Utility. All acts, conditions and
<br /> things which are required by the Constitution and laws of the State of Minnesota to be done, to
<br /> exist, to happen and to be performed precedent to and in the valid issuance of the Bonds having
<br />
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