CC RES 96-042 RESOLUTION RELATING TO $1,720,000 GENERAL OBLIGTION TAXABLE TAX INCREMENT BONDS, SERIES 1996A; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, AND PROVIDING FOR THE EXECUION AND DELIVERY THEREOF AND THE SECURITY THE

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Councilmember Marks then introduced the following resolution and moved its adoption: RESOLUTION NO. 96-042 RESOLUTION RELATING TO $1,720,000 GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS, SERIES 1996A; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE SECURITY THEREFOR BE IT RESOLVED by the City Council (the "Council") of the City of St. Anthony, Minnesota (the City), as follows: Section 1. Authorization and Sale. 1.01. Authorization. This Council hereby authorizes the sale of $1,720,000 General Obligation Taxable Tax Increment Bonds, Series 1996A (the "Bonds") of the City, pursuant to Minnesota Statutes, Section 469.178 and Minnesota Statutes, Chapter 475, to finance a portion of the costs of the purchase by SUPERVALU INC. of land in the City which is subject to the redevelopment plans of the HRA, on which there is to be constructed a new CUB Foods store. 1.02. Sale of Bonds. The City has retained Springsted Incorporated, as independent financial advisors in connection with the sale of the Bonds. Pursuant to Minnesota Statutes, Section 475.60, subdivision 2, paragraph (6), the requirements as to public sale do not apply to the issuance of the Bonds. Proposals have been received for the sale of the Bonds, and the Council has publicly considered all proposals presented in conformity with the terms and conditions distributed by the City to potential purchasers of the Bonds. The most favorable of such proposals is ascertained to be that of Cronin & Co., Inc., and associates, of Minneapolis, Minnesota, (the "Purchaser"), to purchase the Bonds at a price of $1,699,360 plus accrued interest on all Bonds to the day of delivery and payment, on the further terms and conditions hereinafter set forth. 1.03 Award of Bonds. The sale of the Bonds is hereby awarded to the Purchaser and the Mayor and City Manager are hereby authorized and directed on behalf of the City to execute a contract for the sale of the Bonds in accordance with the terms of the proposal. The good faith checks of other bidders shall be returned to them forthwith. 1.04. Issuance of Bonds. 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