CC RES 94-036 RESOLUTION RELATING TO $525,000 GENERAL OBLIGATION IMRPOVEMENT BONDS, SERIES 1994B; 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 TH

Home Browse Search

Councilmember Wagner then introduced the • following resolution and moved its adoption: RESOLUTION 94- 036 RESOLUTION RELATING TO $525,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1994B; 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. This Council has heretofore ordered various improvements, to be constructed within the City under and pursuant to Minnesota Statutes, Chapter 429, consisting of street reconstruction on 32nd 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"). The present estimated total cost of the Improvements is as follows: Project Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . $517,650 Discount Allowance . . . . . . . . . . . . . . . . . . . . 7,350 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $525,000 This Council hereby determines to issue and sell $525,000 principal amount of General Obligation Improvement Bonds, Series 1994B, of the City (the "Bonds") to defray the expense incurred and estimated to be incurred by the City in making the Improvements, including every item of cost of the kinds authorized in Minnesota Statutes, Section 475.65, and $7,350 representing interest as provided in Minnesota Statutes, Section 475.56. The City has retained Springsted Incorporated to act as financial advisor to the City in connection with the issuance and sale of the Bonds, and it is hereby determined to sell the Bonds without meeting the requirements as to public sale under Minnesota Statutes, Section 475.60, subdivision 1, pursuant to the exception from such requirement contained in clause (9) of Minnesota Statutes, Section 475.60, subdivision 2.