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Councilmember ________________________ then introduced the following resolution and moved its adoption: RESOLUTION NO. 16-042 RESOLUTION RELATING TO $1,495,000 GENERAL OBLIGATION TAX ABATEMENT BONDS, SERIES 2016B; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR 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. Recitals. To finance water quality and flood improvements to Mirror Pond, the City’s regional storm water pond and complete nearly 1.5 miles of new sidewalk construction and ADA upgrades at eight intersection to improve pedestrian safety in the City (“the Project”), the City Council by resolution adopted April 12, 2016, has granted an abatement of property taxes to be imposed by the City on certain parcels in the City (the “Parcels”) pursuant to Minnesota Statutes, Sections 469.1812 to 469.1815, for a period of ten (10) years commencing with property taxes payable in 2017 and concluding with property taxes payable in 2026 (the “Tax Abatement”). The revenues received by the City from such Tax Abatement are herein referred to as the “Tax Abatement Revenue.” 1.02. Authorization. This Council hereby determines that it is in the best interests of the City to issue its General Obligation Tax Abatement Bonds, Series 2016B (the “Bonds”) in the principal amount of $1,495,000, pursuant to Minnesota Statutes, Chapter 469 and 475 and Section 469.1814, to finance the Project and to fund costs of issuance of the Bonds. 1.03. Sale of Bonds. The City has received _______________ (_____) proposals for the purchase of the Bonds. The most favorable proposal received is that of [ ], of [ ], [ ] (the “Purchaser”), to purchase the Bonds at a price of $[ ], the Bonds to bear interest at the rates set forth in Section 3.01 hereof and to be subject to the further terms and conditions set forth in this Resolution. The proposal is hereby accepted, and the Mayor and the City Manager are hereby authorized and directed to execute a contract on the part of the City for the sale of the Bonds with the Purchaser. The good faith deposits of the unsuccessful bidders shall be returned forthwith. 1.04. Award. The sale of the Bonds is hereby awarded to the Purchaser, and the Mayor and City Manager are hereby authorized and directed to execute a contract on the part of the City with the Purchaser for the sale of the Bonds. The good faith deposit of the Purchaser shall be retained and deposited by the City until the Bonds have been delivered and shall be deducted from the purchase price paid at settlement. 51