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Councilmember Cavanaughthen introduced the following resolution and <br /> • <br /> moved its adoption: <br /> RESOLUTION 99- 0 2 4 <br /> RESOLUTION RELATING TO$425,000 GENERAL OBLIGATION <br /> IMPROVEMENT BONDS, SERIES 1999A; AWARDING THE SALE, <br /> FIXING THE FORM AND DETAILS AND PROVIDING FOR THE <br /> EXECUTION AND DELIVERY THEREOF AND SECURITY <br /> THEREFOR AND LEVYING AD VALOREM TAXES FOR THE <br /> PAYMENT THEREOF <br /> BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota <br /> (the "City"), as follows: <br /> Section 1. Recitals, Authorization and Sale of Bonds. <br /> 1.01. Authorization. This Council has heretofore ordered the an improvement <br /> project to be constructed within the City under and pursuant to Minnesota Statutes, Chapter 429, <br /> consisting of street and alley improvements (collectively the"Improvements"). The present <br /> estimated total cost of the Improvements is as follows: <br /> Project Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . $ <br /> Issuance Expenses . . . . . . . . . . . . . . . . . . . . . . . <br /> Discount Allowance . . . . . . . . . . . . . . . . . . . . . . 5,100 <br /> Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $425,000 <br /> This Council hereby determines to issue and sell $425,000 principal amount of General <br /> Obligation Improvement Bonds, Series 1999A, of the City(the"Bonds") to defray a portion of <br /> the expense incurred and estimated to be incurred by the City in making the Improvements, <br /> including every item of cost of the kinds authorized in Minnesota Statutes, Section 475.65, and <br /> $5,100 representing interest as provided in Minnesota Statutes, Section 475.56. The City has <br /> retained Springsted Incorporated to act as financial advisor to the City in connection with the <br /> issuance and sale of the Bonds, and it is hereby determined to sell the Bonds without meeting the <br /> requirements as to public sale under Minnesota Statutes, Section 475.60, subdivision 1,pursuant <br /> to the exception from such requirement contained in clause(9)of Minnesota Statutes, Section <br /> 475.60, subdivision 2. <br /> 1.02. Sale of Bonds. The City has received (� proposals for the <br /> purchase of the Bonds. The most favorable proposal received is that of , <br /> of (the"Purchaser"), to purchase the Bonds at a price of$ , <br /> the Bonds to bear interest at the rates set forth in Section 3.01 hereof and to be subject to the <br /> • further terms and conditions set forth in this Resolution. The proposal is hereby accepted, and <br />