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Member George Wagner introduced the following resolution and <br /> Smoved its adoption: <br /> RESOLUTION NO. 97-039 <br /> RESOLUTION RELATING TO $940,000 LIQUOR <br /> REVENUE BONDS, SERIES 1997; AUTHORIZING THE <br /> ISSUANCE; AWARDING THE SALE, FIXING THE <br /> FORM AND DETAILS, PROVIDING FOR THE <br /> EXECUTION AND DELIVERY THEREOF AND THE <br /> SECURITY THEREFOR <br /> BE IT RESOLVED by the City Council of the City of St. Anthony, (the <br /> City), as follows: <br /> Section 1. Authorization and Sale. <br /> 1.01. Municipal Liquor Store. The City owns and operates one or more <br /> municipal liquor stores for the on-sale and off-sale of intoxicating liquor and other <br /> merchandise in accordance with the provisions of Minnesota Statutes, Chapter 340A <br /> (collectively the Liquor Enterprise). <br /> • 1.02. Project. It is in the best interest of the City, its residents and <br /> customers of the Liquor Enterprise, that the City construct a new liquor store to <br /> replace an existing liquor store of the City (the Project). The Project is presently <br /> estimated to cost approximately $940,000. <br /> 1.03. Issuance of Bonds. It is in the best interest of the City, its residents <br /> and the customers of the Liquor Enterprise for the City to issue at this time its <br /> Liquor Revenue Bonds, Series 1997 in the principal amount of $940,000 (the Bonds), <br /> upon the terms and conditions hereinafter set forth, to finance the Project. It is in <br /> the best interest of the City that the Bonds be payable primarily from the Net <br /> Revenues (as hereinafter defined) of the Liquor Enterprise. <br /> 1.04. Sale of Bonds. The City has retained Springsted Incorporated to <br /> act as financial advisor to the City in connection with the issuance and sale of the <br /> Bonds, and it is hereby determined to sell the Bonds without meeting the <br /> requirements as to public sale under Minnesota Statutes, Section 475.60, subdivision <br /> 1, pursuant to the exception from such requirement contained in clause (9) of <br /> Minnesota Statutes, Section 475.60, subdivision 2. The City has received an offer <br /> from Dougherty Dawkins LLC of Minneapolis, Minnesota, (the Purchaser), to <br /> purchase the Bonds at a price of $923,080, plus accrued interest from the date of the <br /> Bonds to the date of delivery thereof, the Bonds to bear interest at the rates set forth <br /> • in Section 3.01 and have such other terms as are set forth in this Resolution. The <br />