CC RES 94-031 RESOLUTION CALLING FOR THE SALE OF GENERAL OBLIGATION IMPROVEMENT BONDS SERIES 1994A

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CITY OF ST. ANTHONY • RESOLUTION 94-031 A RESOLUTION CALLING FOR THE SALE OF GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1994A BE IT RESOLVED, by the City Council of the City of St. Anthony (the City) as follows: Section 1. Pose, The City Council has ordered the 1994 Road Improvement Project under Minnesota Statutes, Chapter 429, consisting of street reconstruction on 32nd Avenue N.E. from Rankin Road to Silver Lake Road; street reconstruction on Hilldale Avenue N.E. from Rankin Road to Silver Lake Road; bituminous overlay on Croft Drive from 32nd Avenue N.E. to 33rd Avenue N.E.; bituminous overlay on Skycroft Drive from 32nd Avenue N.E. to 33rd Avenue N.E.; bituminous overlay on 31st Avenue N.E. from Rankin Road to Silver Lake Road; bituminous overlay on Rankin Road from 32nd Avenue N.E. to 33rd Avenue N.E.; and bituminous overlay on 32nd Avenue N.E. from Croft Drive to Rankin Road (collectively the Improvements). To finance the Improvements, it is determined to be in the best interests of the City to issue its General Obligation Improvement Bonds, Series 1994A in the principal amount of$525,000 (the Bonds), pursuant to Minnesota Statutes, Chapters 429 and 475. • Section 2. Terms of Proposal. Springsted Incorporated, financial consultant to the City, has presented to this Council a form of Terms of Proposal for sale of the Bonds, which is attached hereto and hereby approved and shall be placed on file with the City Clerk. Each and all of the provisions of the Terms of Proposal are hereby adopted as the terms and conditions of the Bonds and of the sale thereof. Springsted Incorporated, as independent financial advisors, pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit bids for the Bonds on behalf of the City on a negotiated basis. Section 3. Sale Meeting. This Council shall meet at the City Hall on Tuesday, May 24, 1994 at 7:00 o'clock P.M. for the purpose of considering sealed bids for the purchase of the Bonds, and of taking such action thereon as may be in the best interests of the City. Section 4. Reimbursement of Costs from Proceeds of the Bonds All or a portion of the costs of the Improvements may be paid by the City prior to the issuance of the Bonds to finance the Improvements, and to the extent such costs are paid by the City prior to the issuance of the Bonds, it is the reasonable intent of the City to reimburse all of a portion of the costs of the Improvements paid by the City prior to the issuance of the Bonds from the proceeds of the Bonds. •