CC PACKET 04252017 - Laserfiche WebLink

Home Browse Search

Councilmember ____________________ introduced the following resolution and moved its adoption, which motion was seconded by Councilmember ____________________: RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $5,600,000 GENERAL OBLIGATION BONDS, SERIES 2017A BE IT RESOLVED by the City Council, City of St. Anthony, Minnesota (the “City”), as follows: SECTION 1. AUTHORIZATION AND SALE. 1.01. Authorization. The City has presently outstanding its General Obligation Bonds, Series 2009A (the “Prior Bonds”), initially dated as of May 7, 2009. The Prior Bonds were issued for the purpose of financing road reconstruction projects (the “2009 Improvement Portion”) by the City pursuant to Minnesota Statutes, Chapter 429, and park improvement projects (the “2009 Abatement Portion”) by the City pursuant to Minnesota Statutes, Section 469.1814 and Chapter 475. This Council hereby determines that it is in the best interest of the City to issue its $5,600,000 General Obligation Bonds, Series 2017A (the “Bonds”) for the purpose of (a) currently refunding on or about June 1, 2017 (the “Redemption Date”) all of the outstanding Prior Bonds; (b) financing the 2017 road reconstruction projects being undertaken by the City (the “Improvements”); (c) financing various items of capital equipment (the “Equipment”) and (d) funding costs of issuance of the Bonds (collectively, the “Project”). The portion of the Bonds ($[______]) issued to refund the 2009 Abatement Portion of the Prior Bonds are referred to as the “Tax Abatement Bonds” and are issued pursuant to the Minnesota Statutes, Section 469.1814 and Chapter 475. The portion of the Bonds ($[______]) issued to refund the 2009 Improvement Bonds and the portion of the Bonds ($[________]) issued to finance the Improvements are referred to as the “Improvement Bonds” and are issued pursuant to Minnesota Statutes, Chapter 429. The portion of the Bonds ($[_______]) issued to finance the Equipment are referred to as “Equipment Bonds,” are issued pursuant to Minnesota Statutes, Chapter 412.301, and does not exceed 0.25 percent of the market value of taxable property in the City. The allocation of the Bonds for this purpose is set forth in Section 3.01 hereof. 1.02. Sale. Pursuant to the Preliminary Official Statement prepared on behalf of the City by Ehlers & Associates, Inc., municipal advisor to the City, sealed or electronic proposals for the purchase of the Bonds were received at or before the time specified for receipt of proposals. The proposals have been opened, publicly read and considered and the purchase price, interest rates and net interest cost under the terms of each proposal have been determined. The most favorable proposal received is that of [___________________], in [___________, ___________] (the “Purchaser”), to purchase the Bonds in the principal amount of $5,600,000, at a price of $[__________] plus accrued interest, if any, on all Bonds to the day of delivery and payment, on the further terms and conditions hereinafter set forth. 1.03. Award. 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 with the Purchaser in accordance with the Preliminary Official 19